All Forum Posts by: Alex Giassa

@Wade Wisner Have you considered writing a book?

@Simon Smith RE:  Management Fees

It's going to vary building by building, however, it's rare that you're required to use only the onsite property manager.  Nowadays, you usually have the option.  The fees will also vary and usually, I find that it's less expensive to go with an offsite PM.  Some are also more accommodating to your needs.

I'm here if you need more info.  :)

This looks to be a great topic for discussion.  I wish you were doing it on the east coast.  :)

One more thing I can add, most (if not all) of the pre-construction/new construction STRs in the Miami area are currently equity plays, bought as second homes, places for foreign entities to place their cash, etc. If you pay cash, then you're seeing an ROI...kinda. ;)

@Conrad Legé With regards to registering your STR, I noticed a response that you must check locally, that is correct. Even though I'm going out on a limb to say that every city requires it - it does vary. The one thing I didn't see in the responses is the mention of state registration. The Florida Department of Business and Professional Regulation's Vacation Rental and Timeshare Project Licensing division issues licenses. Go to https://dbpr.com/ for more details.  Good luck!

Salve Kevin, I like Preston's suggestion. However, if you're a conservative REI, refinance the current property for a down payment towards a new property that you would move into. The new purchase could be in a better location, higher price point with more living space or amenities, or some other combination that appeals to you/makes financial sense. You live in it for a year or two, then do it again accumulating properties along the way. It's a slower process, and again, more conservative. It depends on your REI personality.

In boca al lupo!

Alessandro

Hey Travis, I agree with @Nicholas L., for your first go at it, stay local as you can. 

 72 Park is in pre-construction phase.  Studios are in the $700s.  

 Yes, to @Caroline Gerardo 's point - there are condo and condotel options.  Condotels are getting easier to finance, however, not as easy as a condo.

Currently, there are projects with HOA from $1.00 to under $2.00. In some cases, reserves are included in the HOA.

Hi Daniel, as a Miami-based Realtor who works with investors on new/pre-construction purchases, as far as location is concerned, I agree with your choices of Miami Beach and Downtown Miami.  I would suggest you also consider North Beach (yes, it's a neighborhood within the City of Miami Beach, but deserves it's own consideration for several reasons) and Edgewater (blocks from Midtown).  Here's why I like these neighborhoods:

North Beach - There's tremendous growth in this area.  Starting with the Community Redevelopment Act (CRA) put forth by the city; the Monaco Yacht Club Residences which were completed in 2022 consist of 39 units that start at $3.25mm. There are 600 condo units and 100 apartment buildings in the works and/or will break ground soon. I'd be happy to share with you the CRA info.

Edgewater - North of Brickell and Downtown Miami is a large area with lots of newer high-rises and an incredible number of future tear-downs and developments. It also, currently only has one of the only STR options that has a true a live, work, and play mindset with a generous list of amenities, including restaurant. NOTE: This project will be completed prior to the 26/27 timeframe.

I hope this adds gives you some local insight into what's going on.