It's in Naples, FL. I'm sure it would rent out for at least $800 satisfying the 2% guideline. This seems like a decent deal, no? I would rent it out.
I dont have any comps or many details. I'm not even considering this deal since I'm not ready to buy anything yet; I'm just practicing some mock deals.
I'm just wondering if you guys would be likely to inquire more about this TYPE of investment, or just dismiss it right away ignoring what the comps and other details may be.
SFR Investor · Virginia Beach, VA · Member since 2010 · 150 posts · 36 votes
15y
Hello Dan,
I have also been researching some condos in Florida. I have been researching on the gulf side, but my concerns are the HOA's and insurance. An insolvent condo association can kill your cashflow.
I did some research on the community you mentioned and I found a few condos listing the condo fees at $300/month, which isn't too bad considering all the amenities they seem to have. But I couldn't find any association minutes or balance sheets for public view.
There are a few Florida investors on here that may be able to give you some insight on this area.
Real Estate Investor · NY · Member since 2008 · 313 posts · 87 votes
15y
first I would want to make sure it WILL rent for 800.00. Also I would look at what the HOA fees are as well. Some HOAS charge you a extra fee if you rent it out. I personally would try to pay less than 40k. I can find a unit with comparable rents for about 25k in my area and no HOA fee.
SFR Investor · Virginia Beach, VA · Member since 2010 · 150 posts · 36 votes
15y
Hello Dan,
I have also been researching some condos in Florida. I have been researching on the gulf side, but my concerns are the HOA's and insurance. An insolvent condo association can kill your cashflow.
I did some research on the community you mentioned and I found a few condos listing the condo fees at $300/month, which isn't too bad considering all the amenities they seem to have. But I couldn't find any association minutes or balance sheets for public view.
There are a few Florida investors on here that may be able to give you some insight on this area.
I have also been researching some condos in Florida. I have been researching on the gulf side, but my concerns are the HOA's and insurance. An insolvent condo association can kill your cashflow.
I did some research on the community you mentioned and I found a few condos listing the condo fees at $300/month, which isn't too bad considering all the amenities they seem to have. But I couldn't find any association minutes or balance sheets for public view.
There are a few Florida investors on here that may be able to give you some insight on this area.
The price just jumped to $73,500. I swear it was 40k when I posted it. How can it jump almost 100% in an hour?
Anyway, you said that the fees are 300 a month? That alone would be a death nail to your profits only earning $800 on it a month
first I would want to make sure it WILL rent for 800.00. Also I would look at what the HOA fees are as well. Some HOAS charge you a extra fee if you rent it out. I personally would try to pay less than 40k. [b].
Specialist · Portland, OR · Member since 2010 · 3k+ posts · 1k+ votes
15y
Condos can be tricky. If you have an inclination in that direction you should learn as much as you can. Also, the financials can be confusing if you are not familiar with accounting. Many on here advise against buying condos and for a newby I'd say you have potential problems that can be costly.
If you insist on continuing get the numbers and run them by the folks on here. Still no guarantee you won't get hurt.