All Forum Posts by: Sebastian Giraldo

@Ignacio Perez STR law varies per municipality or city. Therefore id advise to look up the city and see their process or ordinance for Short Term Rentals.

@Jordan Moorhead Miami Beach is a tough cookie when it comes to STR. I'd recommend you search "Miami Beach Short Term Rental map." You'll notice most of the legal areas are on Ocean Dr. and Collins ave. There are some great performing buildings and others that area a massive headache. 

@Nathan Leger take action you’re stuck in paralysis you over analysis. Lean into it. Go in and learn. Be willing to suck in the beginning.

@Richard Davis Id recommend at least 2 bath every 4 bedrooms.

Ideally 1 bathroom per bedroom. When you have 2 bathroom in a 5 bedroom home it gets tricky.

I recently passed on a amazing STR purchase for spring lake home simply because 2 of the 5 bedrooms where in the bottom floor and there was no bathrooms on this floor.

@Reda Eldehiry to add to what @Michael Dumler mentioned. It is difficult for a condo to appreciate as an LTR and even more so as an STR when there are hundreds of other identical units and you have limited control over the property in order to force appreciation in terms of paint, renovations, adding a pool, adding pulll-up bars, adding a mini golf, etc.

The only exceptions I've seen in my 6 year RE broker career is when you buy pre-construction or the condo is established and has history of strict management and the local area as a whole is in high demand such as now. 

There is a handful of condos in Miami beach that have a history of good and stable income as STRs that I can recommend.

Hello @Weng L. it is quite possible for him to pay slightly higher than the avg rent. Specially if he is a super host he will have above avg Short Term Rental income from daily rentals on property. Worst case scenario is that he walks away from the lease prior to the lease expiration and you keep the 2 months (security deposit and last month) as early termination penalty. 
If you want to have a clear idea of the potential income the property may generate as an airbnb / STR there are several income analysis tools you can use that tell you how much income a comparable bnb listing is generating in the area.

I do suggest you get additional STR coverage for the property to be covered in worst case and for your peaceful sleep well at night. There is some home insurance providers I can recommend that provide this type of insurance at a reasonable price.

Broward is one of the top airbnb markets and the single out of 20 top markets in the nation that has more listings now compared to pre-covid. 

"1bed 1 bath units are hot commodities right now" I chuckled as a leasing community agent told me the next unit will be vacant in January. It's true as there is a shortage of rental inventory. This is acting as an additional upward pressure on income producing properties. While buyers are becoming more and more price conscious and land becoming increasingly more valuable. Unless interest rates rise significantly I firmly believe property values will continue to appreciate since properties are a steal for buyers coming from NY.

As for rental prices they may cool down nonetheless I think they will continue to rise as they were from 2017- 2019 which I was able to raise rent for an avg of $200 per unit depending on the area. It just so happens that the same raise occurred this year from Jan-May.

@Pam Smith take pictures!! And yes report it to airbnb you should be refunded for all the damages and mess.

Do you have a minimum booking period. These are typically guests that tend to stay for a short period.

Definitely leave them a bad review many hosts choose to leave them a review on the last date or hours of the 2 week review period.

This type of guest can be prevented with a proper screening process. A set of questions in the beginning to qualify them, minimum nights, previous reviews, age of bnb account, locals are red flags, etc.

@Corbin Cox I hear you! I remember when I started many years ago. In retrospect, I suggest the following:

1. Don't get caught up in the planning. Just start and refine as you go and gain understanding. 

2. Go to a several networking events and pick one or two that you will be relentlessly consistent. These should be events you feel the energy, value, and members that resemble the success you want. 

3. Review several deals on a daily basis, you may have to review hundreds but it must be enough that you're able to distinguish a good deal from bad deal and a homerun deal from a good one. 

4. Then MAKE DEALS! It can be as an investor, realtor, wholeseller. Depends on your current capital, opportunities and time. 

5. Last and definetly most important. Find a mentor. If you can find a mentor that is already as succesfull as you want to be. You will be succesful quickly by copying SYSTEMS that work! Instead of learning and testing by failure. Which is very painful.  

Hope this helps @Corbin Cox

Hello @Nathaniel Williams you don't need to refi in order to use your FHA loan again. My preferred lender allows borrowers to use it once per year.

Welcome to the community @James Despopoulos South FL is quickly changing and it is very exciting. Multifamily can be a great idea to house hack specially in tourist centric and areas with big plans ahead of them. 

Even more so if you're considering to do Short Term Rental on one side of the multi and live in the other. One area that is quickly going to change is Little Havana and Little Haiti thanks to the massive investments and developments unfolding for them. 

Cheers!