I would like to start rei with cond’s. I wouldlike to hear from people who are doing it and what do they think about condo’s as a start for a newbie?
…perhaps you should also hear from those that are NOT doing it and why…
Keith
I would like to hear from people that are NOT investing in condo’s and why? Thanks Keith.
Thanks
auggflo
augflo,
I have lived in condos as my private residence but do not invest in them for REI for the following reasons:
(1) There are very few condos in “this neck of the woods”
(2) Many condo associations are the equivalent of the Nazi Gestapo…rules are subject to change with the wind…“vee haff vays of making you pay”…
(3) Many condo associations have very strict and very enforced rules about what percentage of the development can be rentals…in some cases it is completely prohibited.
(4) The added 'condo fee" is often so high that it negates any positive cashflow that you might otherwise have.
(5) If the ‘condo board’ decides that a change is warranted, they can vote and make a “special assessment” to pay for whatever it is that they have decided is needed. In some cases, this can be done without the approval of the general ownership.
(6) I like being able to paint things the color that I want them to be and landscape as I see fit.
Just my two cents…
Keith
Could not agree more Keith!! I only have five condos 2 out of state 3 in state the only reason I bought them was the 50% L.T.V. I picked them up for!
Well you know my experience Auggie. 12 Condos, all good.
Jeff
Keith,
can you do any other good impersonations?.. 
-Mike
<<can you do any other good impersonations?..>>
Several…actually, my “Eric Cartman” (of “Southpark” fame) is my best…
“Screw you guys, I’m goin’ home”…
Keith
Grrr…
I don’t follow them, (Southpark).
I used to watch some Crankyankers but haven’t seen that on in a while.
Thanks for the comic relief.
-Mike
I think condos are a great investment, if you find the right deal. Just put a 10% downpayment a year ago on a condo in downtown san diego. www.atthemark.com it is not going to be completled until 2007 but i still received the 2004 price. 820,000 2 bedroom 2bath 1365 sq ft. 12th floor a block from petco baseball park. I purchased in phase one phase 3 is now selling for 950,000, same size but worse location floor 8. I think if you find the right deal it will be worth your while. I know this price sounds like alot to you guys outside of CA, but the market here is crazy.
-mike
only thing bad i forgot to mention is the 550 dollar HOA fee (home owners association for all of you who do not know). But the amenities at this place are rediculous.
Are you going to live in it, rent it, or what?
It will be my primary address. My first home or condo whatever.
But besides this investment my parents invest in real estate and they own two condo vacation rentals one in Hawaii (vista Waikoloa on the big island)and one in north lake Tahoe(incline village market is great there) they are maintained by the property management company that runs the whole development. Look into these type of situations because its much easier to deal with all you have to do is sit back and collect a check and you also get to use your property for trips.
-mike
Of course condo’s are great. Especially in San Diego down from PetCo field. I envy you. These guys were talking about investment like in flipping or renting. For living that California lifestyle, it can’t be beat.