What you need to know about Short Term Rental Condos in Miami

After 100+ consultation calls I've put together these helpful tips before you start searching

#1 If you're getting a mortgage, understand the Financing Rules

If you're paying in cash skip this. Condos that allow Airbnb have different financing rules and will probably not qualify for a traditional conventional loan (Fannie or Freddie) or require a larger down payment. It all comes down to the condo questionnaire. Single family homes are easier to qualify for traditional financing. Make sure you speak to a lender and have some upfront discussion before you start looking at these types of properties. I can introduce you to my local lenders just ask.

#2 Condo-Hotels or “condotel”

Condo-Hotels are a great option since the buildings are designed and operated already for short-term. If you need financing Condo-Hotels are very difficult and almost impossible to finance. Most buyers purchase in cash. These properties also may have specific rules if you want to self-manage your unit instead of using the hotel's management program.

#3 Consider New Construction

Many new developers are now building condos that allow short-term rentals/airbnb as part of the amenities of the building. Benefits of buying pre-construction allows you to get in early at developer "early-bird" pricing and you get to pick exactly which unit and floor.

#4 In many areas the zoning is NOT favorable for airbnb

There are only certain areas that are zoned in Miami-Dade County for rentals of a period less than 6 months. Most condo buildings/HOAs have restrictions on how you can rent out your property.

I have clients reaching out all the time looking to buy a property for Airbnb.

If you'd like help searching schedule a call.