Yesterday I went to the Opera Tower in Downtown Miami because they are re-launching the project. Now that the market is picking up again, the developer decided to sell his units with a great investment program.
This is how it goes. You buy the unit of your choice but then the developer signs a 3 years lease agreement with you. He also will take care of paying the maintenance fees and any repairs that may arise. On top he is guaranteeing a 6% return rate on your investment. The only thing you have to worry about is paying your property taxes. This means a 4%-4.5% net return rate on any unit at the Opera condo.
So for example, let’s say you buy at the Opera condo a 1 bed for $270,000 (790sqft). The developer will sign a 3 years agreement with you renting it back from you at $1,500 and paying your maintenance fees. That makes a profit of $18,000/year or 6.6% return rate on your investment. You’ll just have to pay your property taxes, which should be around $4800. You’ll end up with a 4% net return rate.
In 3 years, real estate prices will be higher, the Genting project, which is right next door, will have taken shape and you’ll be able to resell your unit at the Opera Tower condo with a great appreciation. So don’t wait a second and send me an email (firstname.lastname@example.org) to get more details on the available units.