has anyone bought a condo in a community of condos where they have hoa and their own management? I have read that yout property may not be priority when it is vscant to find tenants. They make nickel and dime you on maintenace etc. Any input? Some places, math works out
@Mel Rosario You are correct. Some places, the numbers work out. However, some HOAs may not have healthy reserves. This means that every time and issue comes up (siding, window washing, doors painted, etc), they will need to do an assessment. This is where that nickel and dime action comes into play. Also, some HOAs (like mine) have a limit as to how many units can be rented. If the threshold has been met, you can't rent your unit out and it MUST be owner occupied.
Some units are great and you can make some excellent cash flow with condos with HOAs. However, you will need to do your due diligence on the HOA as much as you would on the actual condo. I know that (for my personality) I like to be in control of my own property, and probably won't buy into another property with an HOA after the one I already have. But that is only me personally. Some investor buddies of mine PREFER it because the HOA is great and takes care of a lot of the work for them. It's all about preference.
[email protected] | NJ Agent # 0565737 - NRS REFERRAL SERVICES, LLC
Condos arre ok. Hoas usually pay for many things. I have a friend who sold his mcmansion and bought almost 10 fully payid condos and luve off passive income.
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