i’m looking for my first deal with a townhome or condo. i’m working with a realtor that has some experience in investment properties. i want to know what are some things i need to look for to be sure it’s a good deal desides getting to property for less than its value. thanks in advance.
Condos are not really that great. I bought one 10 years ago for $17,000. It did double in value over 10 years and I paid it off over ten years too but what a struggle keeping it rented and paying the condo dues. I just bought another one in the same complex for $28,000 that when repaired should sell for $56,000. It is larger than the other unit. The fees every month are $200. It should rent for $550 to $600 if I wanted to rent it. I hope I can sell it and not have to rent it. I do not have the financing to keep it more than a year. If you can not get them really cheap I would buy a house or duplex. Stacy is right too about the HOA can be a real drag.
Watch out too about the condo documents, lenders need the management company to prepare all kinds of stuff and the fees could be $300 to $500 for their services at the closing.
Good luck and thank you,
Ted P. Stokely Jr
11505 Sw Oaks
Austin, Texas 78737
thanks a bunch guys for the indfo. i guess what i’m trying to do is keep my down payment and closing cost to a min. i know hard money can be a great help but being a newbie you think more about the risk. :