Starting out: Buying an income Property in Denver
I submitted a cash offer for a one bedroom condo on a short sale, in the heart of Denver. This is my first experience with a short sale and an income property of my own. I understand that typically condos are not considered the best option for income properties, however, this property met almost all of my criteria for making an offer. I am just a bit leery of the HOA. The management company is not exactly generous with information over the phone and the paperwork they want me to order will cost over $300 just to answer some pretty simple questions like, can I expect special assessments and if so how much? There appears to be some deferred maintenance in the building but the location is strong enough that I believe this will make a good long-term rental. Any recommendations on how I can scrutinize the value of this investment?