Updated about 9 years ago on . Most recent reply
Condos for rental
we are new to this. I want to have this for our retirement. We are looking to buy clothes nods in Galveston Texas for rentals.
Suggestions are welcome.
Sheena
Most Popular Reply
"to buy clothes nods" is that an autocorrect issues? not quite sure what you mean there.
I know several investors, including my neighbors, who have done extremely well with Condos here in Galveston. It all depends on your business model and what you expect in return. Some folks are willing to give up to 50% of their income for expenses, others try to self-manage.
Condos here range from the $60s to well over $200k; maintenance fees can also range from $350/month to $900/month depending on amenities. More amenities mean higher rents but Galveston is a strange market. Because it is so close to Houston, those with lower priced places willing to offer last minute deals can keep their properties booked booked while many higher end properties will be vacant.
How much do you want to clear? $24k, $50k, $90k? all are possible just depends on your business model.