TERRAZAS MIAMI CONDOMINIUM: THE ULTIMATE IN CONTEMPORARY LUXURY

If you are looking for a contemporary home in Miami, you should consider including Terrazas Miami on your list as a must see, this stunning condominium built in 2010 has a prominent location at 1861 NW South River Drive on the prestigious Miami River, it is composed by two towers and features 324 flawless units.

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You can choose from lofts to 3-bedroom residences with spacious floor plans ranging in size from 686 to 1,554 square feet. The River Tower has 27 floors featuring 10 units per floor, and the Park Tower has 21 floors featuring 7 units per floor. This condominium was designed by the well-known architectural firm Shapiro & Associates.

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The chic residences at Terrazas Miami feature designer finishes, gourmet kitchens, stylish bathrooms, ample bedrooms, elegant open living spaces, floor-to-ceiling windows, walk-in closets, and wide private terraces that provide breathtaking views of the city skyline and the river.

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The prominent location of this two-tower condominium puts residents near to important places such Coral Gables, the largest employment centers in Miami, The Civic Center, Downtown Miami and the Brickell Financial District.

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This 10-acre gated community is pet friendly and offers high-standard services including assigned covered parking with controlled access, fast elevators, technology advanced fine alarm system and private individual storage.

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Terrazas Miami also provides world-class amenities for residents and guests including, a 20,000 sq. ft. elevated pool deck offering panoramic views of the river and the city skyline; 78-foot-long swimming pool with private cabanas; specialty hydrotherapy hot tub; sauna; BBQ grill areas; gathering space; indoor and outdoor lounge areas; state-of-the-art fitness center; and fully-equipped business center.

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All in all, this condo is suitable for the most demanding tastes, keep an eye on it and reserve your unit as soon as possible, it’s definitely a worthy investment.

How To Find A Renter

How To Find A RenterOne thing that makes a lot of people not want to get into the rental business is because they are afraid of having really bad renters.

Many people have heard of many horror stories, including myself.

I have heard of renters completely ruining homes by ruining the carpets, putting holes in walls, pets ruining the home, and so on. I have also first hand seen things happen as well. It would be horrible to finally find a rental home, buy it, find a renter, and then for it to end very badly with thousands of dollars worth of damage.

Not all renters are bad though! You hardly hear about the good stories, but you hear about the few that went very badly. If all rental stories ended badly, then no one would be doing it. However, that is not the case. There are plenty of positive rental stories.

There are ways to try to find the best renter for you and your property.

Always make sure that you are abiding by the Fair Housing Rules. Don’t make any decisions based on the potential renter’s gender, race, choice of religion, any disabilities and so on.

Make sure you check their references.

There are many different ways to check a renter’s references. There are company’s out there that you can use, or you can do it yourself. Make sure you do a background check as well. You may be able to find out if they took care of their last place well or not.

Determine if you want pets allowed.

Many landlords say no to pets, and there is a reason for that. With animals, accidents may happen. You may want to say no to pets completely. If you do allow them, you may want to ask for an additional security deposit, or even an extra amount added to their rent each month for having a pet with them.

Ask for a deposit.

To protect yourself and your rental property, you will want to ask for a deposit from the renter. You can ask for a set number such as $500 or $1,000 (or any amount that you think is correct for the place). Or you could ask for an amount equal to the first and last month’s rent. You need to make it clear about if or how they can get their deposit back as well.

Check your city’s renting laws.

In some cities, it might be near impossible to kick the renter out if they aren’t paying or if they are just horrible renters. You might have to wait six months before you can do anything. You will want to check if the neighborhood even allows for renters as well – many do not.

Definitely check with your city and see if you are willing to risk this. I have actually seen this happen first hand where the renter lived in a home for a FULL YEAR without paying a single month (except for the deposit) because the city’s laws made it impossible to kick them out.

What tips do you have to find the best renters?

 

Are You Interested In Owning a Hostel?

Lately, I have become more and more interested in hostels and possibly running one of my own one day. Just in case you didn’t know, a hostel is sort of like a hotel, except that instead of owning being able to rent rooms, you can rent a bed or bunk bed as well if you want to save more money. Sometimes bathrooms are shared, or you can pay a little bit of extra money to have your own bathroom.

Also, if you rent just a bed, you might be in a bunk bed, and you will be sharing your room with multiple other people who you do not know.

Are You Interested In Owning a Hostel?Sounds scary, but I know plenty of people who only like to stay in hostels. This is because the social environment at a hostel is something that many people love. Whether you are traveling alone or with others, it is usually a very sociable environment and you may make some great friends.

Below are different areas you should think about before you start your own hostel:

Will you need a license?

Before you own a hostel, you should look into the local laws of the area in which you are interested in placing your hostel. You cannot just buy a house and place people in the different rooms most of the time.

You will probably need a license, and you will need to make sure that the building is zoned correctly for it.

How do my customers keep their items safe?

Since most of your business will probably come from people renting bunk beds and dorm rooms, you will need some way to keep their items safe.

One way to do this is to invest in lockers for each guest.

Will I need to cook food?

This is really up to you, some hostels have pay-for-meals at their hostel, whereas others do not. However, you will need a kitchen though as people will probably want to make some of their meals. This means that you will also need tables, chairs, at least one refrigerator, pots, pans, eating utensils, and more.

Will I need a laundry room?

It is a very good idea to invest in a laundry area for your guests. Most of these people probably travel extensively, and they will want to wash their clothing.

Where should you be located?

The best spots would probably be near high traffic areas. Think popular destinations, high trafficked streets, highways, and more. You want people to be easily able to find you and easily able to reach you most of the time.

Would you ever own your own hostel? Why or why not? 

Image via Flickr by roomsdeluxe

Risks and Costs of Having a Short-Term Rental

It seems like I keep hearing more and more about Airbnb and other short-term rental websites. More and more people seem to be listing their apartments and houses on these short-term rental websites in order to make some cash.

Some people are even buying homes to specifically place on these websites too.

Even though this market seems to be growing very quickly, it doesn’t mean there are no risks. Below are a few risks and costs you may want to think about before you decide to rent out your real estate for a short-term period.

Risks and Costs of Having a Short-Term RentalAdvertising.

Since this is a short-term rental, you will have to advertise the property if you would like people to stay in it, of course.

You may use one of the many websites out there such as Airbnb, Homeaway, VRBO, and so on.

You may even place ads on other websites so that potential customers can find you.

All of this costs money!

Property management fee.

There is usually a lot more work to do with a short-term rental. This is because with a long-term rental, you usually just sign papers, give the person the keys, and collect a monthly rent payment.

However, with a short-term rental, you may be giving the keys to a new person every few days, the property will need to be checked, it will need to be cleaned, items will need to be replaced (such as toilet paper and soap), and so on.

This can add up to a lot more work and a lot more time. Because of this, many people with short-term rentals end up hiring someone to manage the property for them. If you do this, you will have to pay a fee to the person who manages your property.

Competition can be fierce.

One major risk with having a short-term rental is that you don’t know if the rental will be vacant or not. You may have a high vacancy rate because of a lot of competition in the area as well.

You have to think – you are competing with other short-term rentals and any hotels in the area as well.

There may be laws stating you cannot rent on the short-term.

Many cities are starting to fight short-term rentals. They may be placing new laws restricting any rental for less than 30 days which may ruin your short-term rental plan.

Are you interested in owning a short-term rental? Why or why not?

 

Image via Flickr by su-may