Does anyone here have any experience in buying and renting condos in adult communities?(restrcticed to age 55+) IE: Century village.
What is your take on this?
Plenty in FL to choose from.
When I first read the title of “Adult Communities” I though it meant nudist colonies.
Why would you want to see wrinkled 70 year olds in the buff?
LOL
Keith
Maybe wrinkled 70 year olds in the buff is just my thing.
KIDDING!
You bad boy you. :shocked:
hahaha, well jokes aside… has anyone actually bought condos in these neighborhoods for investment purposes?
I can pick them up so cheaply in an area that is rapidly appreciating that I’m actually tempted to pay-option arm finance several (one without a prepayment penalty) and make the minimum payments… make some nice cashflow, flip them in 2-3 years, and have the appreciation actually outpace my negative amortization. All in theory, of course 8)
Jas…since you mentioned Cemertary Village…opps Century Village your in SoFl I bet…
The 1st question is…are you over 55…if your not, forget about buying…its not just 55 and over to live, but to buy also…
andrew
I am not 55 (in fact, I’m willing to bet I’m one of the youngest people on this forum… but hey, why not get started early!). The person who will be on the deed, however, will be over 55 (my father).
Key point here:
Adult communities are a huge emerging market as the baby boomers reach retirement age.
Food for thought…perhaps?
Many 55+ communities are starting to phase out rentals however because it gives up control of the enviroment. My grandmothers community last yr put an end to rental. About 15% was rented and now no more rentals allowed once your lease ends, it can not be renewed…
Many seniors do rent and yes, if you find a complex that allows rentals immediately, it can be pretty good. However, screen your tennants because many are just getting by on social security checks and if you do not get the money by the 4th of the month when they get that check cashed your waiting till next month.
The condos are cheap which is good and as the smaller communities lift the age requirement you will see a strong appreciation for those units since younger people will buy…
We went to look at one community this afternoon, and unfourtunately they recently phased out rentals as you said. I will be looking at some more tommorow and in the coming weeks, so I’ll let you guys know how I fair 8)