Buy an apartment in Miami

The “buy an apartment and rent out” scheme has always been the most attractive scheme of guaranteed legal income. In the large cities of Russia, it remains the most reliable even now, but the investment attractiveness of such a scheme has been extremely low in recent years: the purchase from the developer has become too risky, as even the most eminent companies go bankrupt, and the payback period on the secondary market is at least 25-30 years old.

Is there an alternative to buying property in Russia? Yes it is Miami. It is quite easy to find an apartment that is guaranteed to give up, because Miami is both the only US year-round resort and the largest business center.

Buy an apartment in Miami and rent
  1. Available
    • A citizen of any country who has accumulated $ 150,000-250,000  can afford to buy real estate in Miami .
    • You can choose, buy, arrange and hand over completely remotely, even without ever arriving.
  2. Not difficult
    • Find an apartment will allow a single database of state real estate – MLS, where all the sold objects are entered. Every licensed realtor accredited with a real estate agency has access to this database. The presence of such a realtor is required for each sale and purchase transaction.
    • Buy, arrange and pass all checks can be no more than 3-4 weeks. That is, in a month you can become the owner of an apartment in Miami.
    • You can also prepare an apartment for renting remotely by entrusting this task to a trusted manager – a person or company who is able to represent your interests physically at the facility.
    • Finding tenants  is a realtor’s task. He is responsible for monitoring the market, publishing information about the property, maintaining all telephone conversations, demonstrations, collecting information about potential residents, filling out all the documents for checking residents of the condominium association, which is also a mandatory procedure, signing a lease agreement and monitoring all initial payments and deposits. .
    • To rent an apartment from a legal point of view, you can immediately after its registration in the property. From a technical point of view, minor redecoration and / or general cleaning may be necessary. The operating costs and responsibility of the tenants are written down to the smallest details in the contract.
    • Solving operational issues remotely is also not difficult. The trusted manager will take care of all technical issues – from replacing light bulbs to representing your interests in the management company or at condominium association meetings.
  3. Profitable
    • With proper selection of the object, the delivery should bring 6-8% per annum in foreign currencythat will not give any reliable and legal currency instrument in Russia. Objects for renting are selected so that the apartment is guaranteed to surrender all year round. The quality of housing and the infrastructure around should be such that there is no downtime at all. It is necessary to pay attention to everything – the state of the house and the lack of capital investments in any communications, the ease of minor redecoration, the well-being of the area, a good management company, comfortable living with children, reasonable utility bills and no need for extra infrastructure, which is necessary to maintain pay, but which is unlikely to be claimed by your tenants, such as yacht marinas. This approach allows you to select objects with a maximum income index – ‘cap rate’.
  4. Reliably
    • This is an excellent liquid asset that, if necessary, is quickly sold, or it becomes a good starting point for your children.
    • The United States reliably protects the rights of all parties when buying and selling, and when handing over and renting real estate. Realtor USA is very different from the Russian realtor. American is not only engaged in the selection of the object, but also guarantees with its license the correctness of all documents and is responsible for coordinating the transaction with all inspection bodies. The purchase transaction is necessarily conducted through a real estate agency, which in the United States is called a brokerage agency. Brokerage Agency has all the necessary licenses and insurance to work with money.
    • Even in the event of an economic downturn, nothing will happen to the real estate itself, and the demand for rental housing may even increase.
  5. Questions you may have
    • How appropriate are investments in an apartment in a new building? 
      New objects make no sense to buy for delivery. If the object is still under construction, you postpone the beginning of the return on investment, not even before entering the house, but before it is fully populated, since people are not set to rent noisy housing. New housing is a good long-term investment, but this is a completely different story.
    • What is the quality of repair will be bought apartment? 
      It is likely that after buying an apartment, light redecoration will be required – painting the walls, changing individual plumbing elements, possibly replacing some equipment such as a stove or washing machine. Investments in such repairs amount to no more than $ 10,000–15,000, and this should also be taken into account in the calculations when selecting the object.
    • Should there be furniture in the apartment? 
      Should focus on long-term delivery, that is, the delivery of a year or longer, which reduces overhead and increases the level of guests. Usually for long-term rental furniture is not needed.
    • What if the guests decide to terminate the rental ahead of time? 
      The contract is always fixed compensation for the early termination of the contract by tenants. Typically, the amount of such compensation is at least two months rent. In order to receive this compensation for sure, you can take 2 security deposits upon arrival. It should be borne in mind that tenants expect a mirror liability on your part – that is, if for some reason you terminate a contract, you will have to pay the same compensation. This will also be reflected in the contract. Moreover, if the contract is broken by you due to the fact that the tenants behave badly or do not fulfill their obligations, you will not pay any compensation, of course.
    • What if, after the purchase, they do not let me into the country or no longer give me a visa? I heard that migration services consider the presence of a property as a risk that a person may remain. 
      We have never come across cases where the purchase of real estate is any obstacle.
    • Does the property give any preferences in obtaining a visa for me or my family members? 
      Formally, no.
    • How many properties can I have? 
      With no restrictions.
    • What real estate taxes should I pay? 
      Property tax is, on average, 2% of the cadastral value per year. The rate depends on the specific area (county). The amount of tax is certainly taken into account when calculating the yield.
    • How to insure civil liability, if I constantly live different people? 
      The deposit covers all or part of the loss. It is advisable to buy additional insurance.
    • I heard that there are constantly hurricanes. What if it blows, flood? 
      These risks can also be insured, but initially it is necessary to select the most safe objects, guided by official statistical information on the areas of possible flooding. You should also pay attention to the quality and safety of the house and the safety of buildings around.
    • What visa do I need to come and buy? 
      Any category of visa is suitable, while many people buy and arrange property remotely, without arriving.
    • How can I transfer money to the USA? 
      The usual transfer under the contract of purchase of real estate, which make all the major banks in Russia.
  6. I’m ready, what’s nextSo, you need a trusted manager and realtor. We work in such a bundle – the company ‘Tips & Tricks, LLC’, which owns the resource, which can be your trusted manager, and the licensed realtor of the largest international brokerage agency.How we work :
    1. Determined by the price range .
    2. Our realtor starts the selection of objects , comparing the cost with the rental demand for a specific area, house and calculating the index of return on investment for each object. He leads trades and holds for you a demonstration of selected apartments via Skype (we draw your attention that only the apartment owner pays for the work of a realtor in the state of Florida; Need to respond quickly. Objects with a good return index can sometimes go away in 1–2 days. An application for purchase (offer) is issued for the apartment you like, and the apartment is reserved for a deposit of about $ 5000, placed by the seller’s brokerage agency on a special escrow account.
    3. Within 10 days the  apartment is thoroughly investigated , the condition of all communications in the apartment and house is checked, we communicate with the management company and neighbors. If we find the reasons why the object does not suit you, the deposit is returned in full, and we proceed to search for another object.
    4. Our realtor receives confirmation of the purchase application and proceeds to the registration of the transaction and payment.
    5. Legal due diligence is carried out and a deal is insured.
    6. The deal is made .
    7. You open a bank account , if you have not yet opened it, to accept payment and carry out all monetary transactions related to servicing an apartment.
    8. If necessary, we organize cosmetic repairs and solve all issues related to such repairs, including all necessary permits. In this case, we will not only do everything quickly, but we will not do anything extra. Our task as soon as possible to start taking your object.
    9. Manage change , including:
      • Any minor repairs and preparation of the premises for arrival
      • Service of engineering, engineering systems and communications
      • Interaction with the management company at home
      • Search for tenants and their verification
      • Solving all possible issues with tenants
      • Representing your interests at home meetings

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