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
Gwen Fuller
Fulfilling All Your Real Estate Needs
Gwen Fuller, RE/MAX ParkCreek
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