Buying and Renting a Condo

1 Reply

I was thinking about buying a condo or duplex in Florida to rent out for a few years until it's paid off. Something in the 80k-90k range. Once it's paid off use it has a vacation home. Has anyone done something similar? Is a property management company need or can I rely on the HOA for maintenance issues? Would a duplex be more favorable to a condo? Anyone done something similar? Any input is appreciated.

@Jeff Bousquet The HOA for a condo will only take care of the common areas not the inside of the unit. Given the choice, buying a duplex (assuming you mean both sides) is a better option for a few reasons. First the condo fees cut into your monthly budget and you may be hit with special assessments depending on the condition of the complex and who runs it. Second with a duplex, you have two units you can rent out.

If you aren't in the area, find a good management team to work with.  Make sure you understand all of the expenses involved (how much does it cost when the unit becomes vacant, monthly fees when it is rented, how repairs are handled, etc).

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