All Forum Posts by: Malgorzata Sadowska

If the actual City / municipality of South Miami - last I checked (few months ago so you should def. double check) STRs were not allowed there.

not necessarily.... The good ole' rule: you get what you pay for, unfortunately, applies. If the HoA is lower, you can bet there will be deferred maintenance and you'll pay for it sooner or later... Not to mention, ideally, you'd like a condo with reserves - no way to collect that unless the monthly fee is higher. Only exception, if you buy a house / townhome considered a condo where owners are responsible for maintenance - then, less than a $100 is reasonable. 

One more factor to consider are rapidly increasing rents. We are now experiencing a severe shortage of rental inventory (especially in certain school districts) and that is resulting in bidding wars (yes, on rentals!) and homes renting "over rental asking price" (5-10+%!. Not sure what rent numbers you are using, and, most comperables reflect the past; not present or inflated future. Trust this helps with your number crunching.

Dear Charles: will address tenant first as that's what you mention - have no fear - there are actually bidding wars right now on rentals in Miami. If it looks & shows nice = will rent fast & likely for more than you expected. 

Many options to purchase: condo; multi family (you can live in one unit); and, perhaps, even a house (for you guys) and rent out the guest / in law quarters - we do have a decent amount of those around Miami Dade.

get a permit expediter! 

In a smal MultiFamily property (duplex-fourplex) you can owner-occupy one unit (so buy with 3.5% downpayment FHA mortgage) & rent the other unit(s). Agree that is a great combination for someone like you to consider.

@Raymond J. Rodrigues can help!

Is your condo pre-approval also with FHA loan? It's near impossible to buy a condo with FHA. If you can do 5%, there are more options, albeit they will be limited as well, as many Miami condos are non-warrantable.

Near water: Hollywood; Ft. Lauderdale; Delray Beach: SFRs / MFRs.

Condos: Miami Beach; Sunny Isles; the City of Miami (of course the buildings will have to allow it).

Depends what kind of tenants; and, types of properties...