With the price of condos being low, & many people needing to rent. Purchasing a condo for an investment seems like a good idea. You can pay cash, the taxes are usually low, less to maintain than a single family home, etc. I do agree purchasing the right condo at the right price, this is an excellent way for investors to get into the market.
However, do your research. Make sure of the following:
•the condo association will allow you to rent the property immediately after closing
•the condo association has a rental limit, if so, is there a waiting list
•how many times can you rent the unit per year
•the pet policy of the association (properties that allow pets may be able to charge higher rent)
•if the the condo assoication will allow corporate owners
•how many units are in default of condo maintenance fees (don’t want any assessments eating into your profit)
•how many units are owned by the same person or entity (this could negatively impact your resale value)
•do a rental comparable market analysis to calculate your rate of return
•consider it a long time investment, flipping condos is tough, especially if your buyer is getting a mortgage, you might have appraisal issues.
•please do a home inspection, although you do not plan on living there, you will be responsible for the repairs
If you would like to receive my weekly condo foreclosure list, please e-mail me at gwen@gwenfullerteam.com.
Happy Investment Shopping
Tags: buying home, Foreclosure, investments, real estate market
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