All Forum Posts by: Mary Ann

I recently moved to Florida from MD and investing in rental property. Sec 8 program in MD was Ok and I didn't have issue renting to tenants using it. If anyone has had any experience with Sec 8 or other government programs here in Florida (Polk County), please share it. Is it safe here to rent to Sec 8 tenants?

Farhad, how did you make out? I am just starting section 8 in Polk County and looking to connect. Let me know how it is going for you!

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House hacking is not for everyone especially if you don't want to be that close to your tenants. 50K is good. But dont put the whole thing down on a house in this market. Put down some, at least 10K, or at most 20K. The way the market is you dont want to be upside down if things get worse - meaning you will have a lower rate of return. If you don't put down 20% you pay a PMI - which to me both even out. Another win for low down is you have more cash in your pocket during these crazy times. You won't be able to get any money out until a few years in your house.

Get a reasonable house AS IF you don't have the 50K. Put down 10-20K, get mortgage down to UNDER 1K. Sit tight. Pick up something when the market turns in the next 6-12 months for your first rental (remember you still have left of that 50K).

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I have a few questions about the home requirements to rent out your place to a section 8 tenant. If you are a section 8 landlord or specialist, please contact me. Thank you!

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Thank you yes this will be in Orlando. Hmmm. Here I am thinking getting a condo would be a good way to start out buy/hold investing because of the cost. What I am hearing is that these HOAs are an issue. I would live in it first until the prices drop for a SFH and buy that later but I have to do something with the condo.

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Originally posted by @Tyler Gibson:

@Mary Ann There are drawbacks and advantages to both. Everything hinges on the HOA. If the HOA fees are too high or the rules too restrictive then a condo/townhouse would not be a good investment. That being said the only way to know if to start looking and when you find somethign you think might work look at the HOA rules and decide from there. The other thing to consider is the financial state of the HOS it's self. This can be a bit harder to determine but things to look for is how well the community is maintained. If it appears to be well maintained then there is a good chance the board has been diligent with the HOA funds. If you find the community to be in disrepair then for me it is a read flag. I am a realtor here in Orlando and so if you have any questions or need any help feel free to reach out.

Yes so far things look good just worried about renting when I get ready to move out. I also concerned about paying too much now for a SFH that is why I looked at condo/th as a temp solution.

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Originally posted by @Shawn McCormick:

Hi Mary Ann. For me personally, I stay away from Condos. I don't like the rules, lack of available financing should you decide to sell, 'surprise' assessments that the association springs on you and could hold up repairs and the ability to sell should the association decide not to make repairs. I have seen this happen to many sellers of condos and they can't get a buyer because of repairs that are in dispute. FHA has loosened financing requirements for condos last year, but still not favorable.

Also, most condo developments restrict the number of investors that can own in a community. So if its 60% owner/occupied and 40% investor and the investor portion is full, you may not be able to purchase and worse, when you go to sell, you may only have the option of selling to an owner/occupent...and if the owner-occupant knows that there are a bunch of renters in there, they may choose to buy elsewhere.

Again, just my personal opinion. Happy to talk about it more with you. I am a Realtor and could point out some good areas if you like. Also, if you buy new construction townhomes, many builders are offering some really good incentives right now to cover closing costs, upgraded finishes etc, plus you get a warranty on the unit. Something to think about....

I want to buy/hold after I move out.I was only paying attention to what I want to pay in this crazy market and thought sticking to 150K or less puts me in a condo/townhouse. I am well qualified for more than that but want to be very conservative. That's what I stayed away from houses. All in all I want my payment to be under 1K. If possible under 1200K. Thats it. I'll look at the new constructions - I'm not crazy about the closeness of the homes or open floor plans. If the money makes sense, I can rent it out more easier than a home WHEN I move out.

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I added the location in case this helps!

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Ok yes the numbers are really working out on BOTH give or take. That's why it is so hard.

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I neIs one better than the other when it comes to renting out? I am not thinking of a SFH until prices drop. However, for now I need a place to live. The plan is to get a condo (or townhouse!) and then buy SFH in a year or two. I just want to make sure it is easy to rent when I move out. Which one - condo or townhouse - best to start out with if I want to rent it later? Help, thanks!

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Is one better than the other when it comes to renting out? I am not thinking of a SFH until prices drop. However, for now the strategy is to get a condo (or townhouse!) and then buy SFH in a year or two. I just want to make sure it is easy to rent when I move out. Which one - condo or townhouse - best to start out with? Help, thanks!

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All Forum Posts by: Mary Ann

Mary Ann has started 41 posts and replied 133 times.

Post: Government Housing in Florida

Post: Buy a primary home first or not

Post: Section 8 - Orlando, FL - Are there any section 8 experts here?

Post: Is a condo or townhouse better to start off with?

Post: Is a condo or a townhome a good investment in Orlando now?

Post: Is a condo or a townhome a good investment in Orlando now?

Post: Is a condo or townhouse better to start off with?

Post: Is a condo or townhouse better to start off with?

Post: Is a condo or townhouse better to start off with?

Post: Is a condo or a townhome a good investment in Orlando now?