I have a chance to buy a prop in fc for 100,000 at a resort. They have 15 floors. Its an ocean front 1 bedroom 2 bed and they sent me last 2 years statements. It brought in 20,000 in rent each year. You get 55% of rent and resort gets 45%. That 45% covers all expenses and maintenance. If I get 10,000 a year and my payments are about 8,000 a year isn’t this a good deal or would my income taxes eat me alive. Thanks for suggestions.
Help Please, Haven’t there been one investors who has invested in one of these condos or efficincy. I wanted to the hear the pros and cons. Anyone ??? :help
I don’t invest in these deals because I give up too much control to another party who doesn’t have a vested interest in seeing that I’m successful.
If the numbers are so rosey why is the previous owner losing it to FC?
Maybe the owner didn’t give the money to bank and spent it. I saw the docs on income. He just didn’t make his payments to bank but they sent the money to him.
I would look carefully before you leap. In the real estate investing business what looks too good to be true normall is.
Is this property in the states? I would stay away if it’s not.