Investing in Miami real estate is a great way to build wealth and financial security. But to really maximize what you earn, you need to make smart decisions. Trident Management works with our owners and investors to increase their earnings and reduce their expenses. Tell us about your investment goals, and get some of the best advice we have for anyone who owns rental property in Miami.
Evicting a tenant in Miami can get complicated. Not only will it take more than a month or two to accomplish, there will also be expenses. For example, if you have won a Writ of Possession but the tenant doesn’t move out, you’ll need to pay the Sheriff’s office to show up and physically remove the tenant. That’s going to cost between $1,200 and $1,800.
Few positive and profitable real estate investment experiences are complete without good tenants. Finding those quality tenants requires some strategic and targeted marketing that is clear about what your property offers and the criteria that will be used to screen prospective renters. This will save you money and valuable time.
At Trident Management, our extensive experience working with community associations in Miami and the surrounding area helps us know how to navigate through most bylaws, declarations, CC&Rs, rules and regulations. We’re not attorneys, however, so if you have a specific question about a bylaw you’d like to challenge, you should consult an attorney.
For real estate investors, there’s no shortage of eager advisors ready to help you spend your money. Florida alone boasts over 250,000 real estate licensees. Sadly, when you rent out a property in an homeowners association (HOA), your choices are less clear. Should you work with an individual real estate agent dabbling in property management? Or perhaps a real estate brokerage that does some property management on the side as a perk for its sales clients. Then there’s your lovable cousin who lives a block away from your property and offered to step in and help as a favor.
With “a deafening roar, “ a corner of a downtown Miami building, housing the Federal Drug Enforcement Administration, crashed to the ground in 1974, killing seven people. Because of that tragic event, Miami-Dade County as well as their neighbors in Broward County instituted that buildings must be inspected and recertified when they are 40 years old – and again every 10 years thereafter. When you consider the potential for loss from structural age, defects, or hurricanes (this is South Florida), this recertification becomes an important best practice.
Albert Zamora, Broker
Tratasha “Tasha” McCloud