All Forum Posts by: Elaina Diaz
Elaina Diaz has started 1 posts and replied 3 times.
Quote from @Ray Hage:
Quote from @Elaina Diaz:
Thanks everyone!
I’m thinking about luxury condos for short term rentals since I’d occasionally want to have a place I can use for myself.
With mortgage rates so high and HOA fees for many of these buildings at around $1k a month, it seems like investing in a condo in Miami is more of a game of price speculation. I prefer buying all cash, not looking to be extremely leveraged. Not sure if prices will just keep rising or if a crash is around the corner.
I feel like these large luxury buildings are a gamble in many ways. HOA fee will probably continue to increase, you never know when an expensive assessment is around the corner and there is some potential for a price crash as they are really overbuilding (imo). I wouldn't recommend buying all cash if you can avoid it. You can make a lot more than 5-6-7% w/ other investments or through private money lending, which I do as well. You could always buy in cash and pull out the money later as well.
I’m willing to gamble a bit. A lot of condos here have nearly doubled in price in the past three years and while I don’t know if that kind of trend will continue I definitely feel the regret of not buying one maybe 3 years ago. Hindsight is 2020 of course :)
I'm not too worried about HOA fees and special assessments, I can still afford those out of pocket even without rental income.
I have no experience with private money lending. How does it compare with typical mortgages these days?
To be clear, I’m not against financing, but since I don’t know too much about what I’m doing I feel like it’d be easier to own a property outright and get some experience with landlording to determine how much financing I’d be comfortable with after maybe a year’s worth of rental income.
Thanks everyone!
I’m thinking about luxury condos for short term rentals since I’d occasionally want to have a place I can use for myself.
With mortgage rates so high and HOA fees for many of these buildings at around $1k a month, it seems like investing in a condo in Miami is more of a game of price speculation. I prefer buying all cash, not looking to be extremely leveraged. Not sure if prices will just keep rising or if a crash is around the corner.
Hi everyone! I’ve been investing in stocks for over 8 years with pretty good results and am finally exploring if real estate investing makes sense for me in 2024. Not really looking to make a huge switch… just looking for a little more diversity in my investments!
Nice community here!