Hey BP, is their anyone that does condo investing in the Dallas/Fort Worth area? I'm looking at a few that cash flow pretty well and I'm just wondering if there is anything I should look out for when purchasing and renting out condos.
Watch out for HOA fees. It can be an easy expense to overlook! Best of luck.
@Cody Brookes It's pretty hard to make most condos cash flow in DFW. The HOA fees normally kill the returns. There are a few exceptions, but they tend to be tougher places, so you may have higher than normal repairs/capex...higher vacancy/turnover, etc....plus you can just have all kinds of issues in condos....issues from the neighbors, like leaks and noise that no one wants to fix....HOA violations of trash, outdoor storage, noise, parking, etc.
I've looked at lots and lots and lots of condos in DFW and have only found 4-5 places that most investors would consider decent rentals.
@Cody Brookes . I own a condo off Magnolia in FW. It is my best performing RE investment to date. Small community, so low HOA dues. Great area. I wish I owned more in that neighborhood.