Hi BP community, i am looking at several houses in a 55+ HOA controlled neighborhood in central Florida. I have asked for HOA documentation and they seem pretty open to rentals i as long as the people on the lease meet the requirements of a resident and follow the rules.
Other than the typical cost of a rental and adding a level monitoring from the HOA & fee, is there something else i should watch out for as an investor inside a community like this?
Any advise is welcome.
I've always stayed clear of 55+ communities because of (1) the restrictions for potential tenants, and (2) the potential resale value of the property. From my experience, 55+ communities do not appreciate at the same level as a non-restricted community. And the added aggravation of dealing with other HOA compliance pieces associated with age restriction doesn't seem to be worth it, in my opinion. But, if you take everything into consideration...if the numbers work, the numbers work.
Excellent, thank you for the feed back. i will look very closely at the numbers
I stay far away from those! I deal with a lot of mobile homes and mobile home owners in age restricted areas are always trying to Give me their homes. Way too much supply and not enough demand. Simple economics if you ask me.