All Forum Posts by: Account Closed

Aaron, I see you aren’t from Miami. A little about here, sfh sell for 250 on a low end but usually about 300-400 average. At least in decent neighborhoods. Townhomes here can run 250 for a really nice one. It’s a big difference. I was doing some research and don’t think I want to get into it, but not closing the book just yet. HOA fees can change, I’m sure it’s in a contract when they will be allowed to and by how much, but you can’t see into the future. Also rental policies can change. I’m sure there’s some grandfathering in of older rules and whatnot. But that’s speculation on my end. And HOA fees aren’t tax deductible unless it’s a pure rental (maybe they are partially deductible for a house hack?). Since I’d like to use my VA home loan, (I have to live in the property) that’s not the case. I think it’d be easier to drive an hour north where housing is more affordable and use a conventional loan or possibly move there depending on this new job I just got. I’ve heard a story from an investor about how they changed the rental policy one month after he bought it and they had to fight it (I believe). Also the fact that you don’t own the land is a bit unsettling. The complex could be bought out and sold to be demolished, leaving you with fair market price(?) I’d hope. Not that I’d think it’s very likely to happen down in Miami.

I live in Miami, West Kendall area, and have been analyzing deals in this area. I will be using a VA home loan so the house does need to be in a livable condition. I also plan to rent out the spare bedrooms at around 600 each which should cover a lot of the mortgage. I know the general advice is to avoid townhouses, but houses here run around $200k and townhouses can be found for around $150k. I have rented a townhouse before and the complex seems to be fully rented all the time, as do other complexes, given the shortage of affordable housing in Miami. Prior to me renting the townhouse the family that lived there before had lived there for many years so these aren't temporary housing, at least in Miami.

Has anyone invested in townhouses here for rentals with success?

But how would they know? Who is really watching? What if you were to do some easier things like the cabinets and flooring and have a GC do the rest? Is anyone really going to investigate this?