Investor · Panama city beach, FL · Member since 2015 · 13 posts · 2 votes
Would it be better to invest in a condo for short term or long. Either way is fine with me if numbers work out. I was told there is a market here for baby boomers . They would like to rent 2 bedroom condos. Rather than single family. Anybody have thoughts on baby boomers. Not sure to go with 2 bedroom or 3 bedroom. Getting ready to purchase in 30 days.
Before you purchase a Condo in Florida, make sure you know the Rental 9 (leasing) rules for that Association.
I've heard of some Associations, that won't let you rent the Condo until you own it for 1 year, others for 2 years, and others won't let you rent it out at all. Some you can purchase and rent out Immediately. Others you can only rent for 3 months of the year or for a year.
Springfield, OH · Member since 2012 · 155 posts · 50 votes
11y
Hi Tami,
There is certainly demand for baby boomer housing in FL. 2 beds for that demographic makes sense, especially if it's a second/vacation home.
That said, are you looking to purchase in Panama City? I'm not sure about that area (I'm more familiar with Miami and Ft. Myers), however, the issue for condos with most investors is the added HOA/condo fee - it increases expenses and decreases cash flow - sometimes to the point where the numbers don't work.
Also, investing short or long term depends on your goals. Yes, sales prices in the FL market overall have increased recently - but betting on appreciation is a gamble. Better to stick with the cash flow for the near-term and celebrate if there's an opportunity to exit at a profit in the future.
Investor · Panama city beach, FL · Member since 2015 · 13 posts · 2 votes
11y
Jessica, thanks for your input. No not buying in Panama City Beach . Don't see much growth there. Also problems with spring break this year. Not sure where PCB is headed. I do pray they turn the town around.
Yes HOA fees are a added expense. Most places in Sarasota has HOA condos and homes. But I will keep looking for the best deals.
Before you purchase a Condo in Florida, make sure you know the Rental 9 (leasing) rules for that Association.
I've heard of some Associations, that won't let you rent the Condo until you own it for 1 year, others for 2 years, and others won't let you rent it out at all. Some you can purchase and rent out Immediately. Others you can only rent for 3 months of the year or for a year.