What should I know going into a condo building in Florida?

2 Replies

Hey everyone, I’m completely new to the investing game and am looking for some advice before I sink my money into a property. I’m curious what I should know when dealing with an HOA in Florida. What questions should I be asking? What are my rights as an owner? What are their rights? Should I be looking to flip or buy and hold? Any advice from someone who has been down this road before would be very much appreciated.

Flip or buy and hold is a personal decision. Whether dealing with a condo assn or HOA, you are entitled to review their docs. Some may prohibit leasing, etc. You will have little control over their fees, etc. I recall showing a listing where the HOA changed the rules and outlawed rentals. The owner had the unit for years. When they changed the rules, all current tenants were grandfathered, but when that tenant left no new ones were allowed. The owner was then forced to sell because they lived elsewhere. Personally, I don't like to invest in condos or HOA properties except to possibly flip.

@Bradley Reecer I would first start by asking the HOA or management company if there are any pending assessments coming soon, What are the rental restrictions if any, what are the repair restrictions within the building or community? Every year as an owner you will vote towards the yearly budget and this will determine your new monthly HOA fees. Whether you want to flip or buy and hold really depends on your goals as an investor.

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