i would like some advice from you guys on buying a condo to rent out...the guy is being transferred so his company is willing to buy it if it doesnt sell by a certain time. im familar with condos in the location...i had my set amount on what i wanted to pay...his final selling price is 4k more than i wanted to pay...am i making too big a deal over 4K? the place is move in ready and will require no maintainence...
Well its pretty much simple addition. What your going to have in it, expenses, condo fees, insurance, est. yearly upkeep costs, taxes, interest,etc + What you project to recieve in income and see if the 4k is a deal breaker. You should probably use keeping it 7 years as the basis for your projections...
Nothing personal, but my thought is that if $4k is a big deal to you, then you don't have adequate capital to make this investment. Have to keep cash reserves to fix things that break, make assumptions for at least 1 month of vacancy per year, special assessments from the condo board when unexpected expenses arise, etc.
First of all, how much is the condo? What are HOA fees, if any? Annual Property Tax amount? What are current rentals in the area going for?
Are you a cash buyer? If you are, then don't move of your price point. Also, location, how good or bad is it? I don't mean is it safe, I am assuming it is that. However, what is the location like, easy access to freeways & shopping, quiet, noisy?
Are you a cash buyer? If you are, then don't move of your price point. Also, location, how good or bad is it? I don't mean is it safe, I am assuming it is that. However, what is the location like, easy access to freeways & shopping, quiet, noisy?
im getting it under the appraised value, which is 80k...rent would be 700...buying it for 74k, not that big a difference for 4k but i like to be at 10% on all my rentals...great location,safe which pretty much is why im doing it...
i asked the question wrong...the guys company will buy him out if it doesnt sell. so i was asking should i just pay the extra 4k or risk getting it from the company for cheaper.
i asked the question wrong...the guys company will buy him out if it doesnt sell. so i was asking should i just pay the extra 4k or risk getting it from the company for cheaper.
cannot imagine what kind of dump this could be with dues only being 40 bucks a month...However my advice to you or anyone else buying condos would be run don't walk away from them...As foreclosures,non dues paying people continue to increase the people that do pay will be forced to make up the difference in special assessments and or dues increases...You would be 100 times better off buying a house somewhere for the same price...Rent it for same or better than you want to,,,
Warning to all RX Posters....Do not get involved with HOA Fees other than little fees charged by large individual housing neighborhoods...
My Accreditation? Member of HOA Board Of Directors for 20 years...
If company is really willing to buy,why don't they just buy it now and make that money....
Not telling you I am smarter than you or whatever,but that is my advice...I feel like an idiot every time our dues go up...But when monies are not available to pay bills due to non payers the bills still need to be paid...HaHa if you really think about it...It is the same way our government operates...
Bottom line search houses in your area for same price range and buy all you can and truly reap the real benefits...
Good day...
Warning to all RX Posters....Do not get involved with HOA Fees other than little fees charged by large individual housing neighborhoods...
My Accreditation? Member of HOA Board Of Directors for 20 years...
If company is really willing to buy,why don't they just buy it now and make that money....
Not telling you I am smarter than you or whatever,but that is my advice...I feel like an idiot every time our dues go up...But when monies are not available to pay bills due to non payers the bills still need to be paid...HaHa if you really think about it...It is the same way our government operates...
Bottom line search houses in your area for same price range and buy all you can and truly reap the real benefits...
Good day...
A Sinking ship and i am living it right now in one of the most desirable zip codes in the whole state of North Carolina....
http://www.ehow.com/about_7407653_typical-condo-fees.html
you will lose in the end...i promise you...
http://www.ehow.com/about_7407653_typical-condo-fees.html
you will lose in the end...i promise you...
And i will add...While some posters brag about the guaranteed money they have coming from section 8 etc...They fail to tell you of being barraged with letters constantly from board complaining about their tenants and fines etc being handed down...Not to mention the hatred of the neighborhood for the very fact that they did this to begin with...If i could get out yesterday it would still not be soon enough...Just spent an hour on the phone with our treasurer talking about the same thing...Anyone looking for property in the 28227/28226 zip code in NC for around 80 to 90 k look me up and it is yours...You can rent it out for 900 to 1100 per month and if you are god looking enough i may even kiss you on the mouth...But in a non faggy way...
thanks buster...appreciate the info...the 40 dollars a month basically covers snow removal, grass cutting and paying the bill for street lighting....no pool. the advantage i see about buying this piece of property is it puts me with majority share , therefore i will dissolve the hoa...which i hate and totally agree with you about. the area is nice,safe and rents out at a high rate.
