55+ community?

6 Replies

I live in California, and looking at maybe getting into a 55+ community since it's cheaper than regular housing.

Morgage would be around $700-800
Rent would be $1100-130
4% interest

Tax $1566 for 2014
HOA $200

Water and sewer is paid ( by the community?)

Good idea?

I have just a place in Florida - be glad to sell it to you????! My problem with this is that I have limited my market to only those above the age of 55. I have completely cut out the possibility of anyone between 18-54. It's a lot like buying on a golf course - limited clientelle. While some communities have a high 'desirability', when the economy turns the vacancy rates skyrocket (I went 5 months empty during the downturn and had to drastically drop rent to get renters!). There is also the issue of HOA's. They can be difficult for landlords and specially in 55+ communities.

I have just a place in Florida - be glad to sell it to you????! My problem with this is that I have limited my market to only those above the age of 55. I have completely cut out the possibility of anyone between 18-54. It's a lot like buying on a golf course - limited clientelle. While some communities have a high 'desirability', when the economy turns the vacancy rates skyrocket (I went 5 months empty during the downturn and had to drastically drop rent to get renters!). There is also the issue of HOA's. They can be difficult for landlords and specially in 55+ communities.

Your numbers are too tight. Piti + HOA dues doesn't leave you any thing left.

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I have just a place in Florida - be glad to sell it to you????! My problem with this is that I have limited my market to only those above the age of 55. I have completely cut out the possibility of anyone between 18-54. It's a lot like buying on a golf course - limited clientelle. While some communities have a high 'desirability', when the economy turns the vacancy rates skyrocket (I went 5 months empty during the downturn and had to drastically drop rent to get renters!). There is also the issue of HOA's. They can be difficult for landlords and specially in 55+ communities.

Your numbers are too tight. Piti + HOA dues doesn't leave you any thing left.

I have just a place in Florida - be glad to sell it to you????! My problem with this is that I have limited my market to only those above the age of 55. I have completely cut out the possibility of anyone between 18-54. It's a lot like buying on a golf course - limited clientelle. While some communities have a high 'desirability', when the economy turns the vacancy rates skyrocket (I went 5 months empty during the downturn and had to drastically drop rent to get renters!). There is also the issue of HOA's. They can be difficult for landlords and specially in 55+ communities.

Your numbers are too tight. Piti + HOA dues doesn't leave you any thing left.

Hi @Bryan Weschler .  I bought this home in Sebring when one of my original partners moved there.  On his advice, and because he was buying into this community, and prices were so much less than in our region (Olympia, WA near Seattle), we thought it would be a good investment.  Unfortunately we bought at the peak of the market, didn't do my own due diligence for rent comps, and lost a good amount of $ over the years!  I currently have it listed for sale at about a $40k loss. 

http://www.zillow.com/homedetails/4543-Vantage-Cir-Sebring-FL-33872/45200674_zpid/?view=public