22 and a NEW investor in Miami Beach, - Posted by CC
Posted by CC on September 21, 2004 at 01:25:53:
I am 22 and even though I have high credit card balances I have made all my payments on time for everything and anything so I think I am going to get my mortage. Now my question is this I live in Miami beach and am looking to invest in condos here. Property seems to hold its value well and nearly all condos seem to rise in price every year. The problem is of course all the condos listed are at or a little above the average seeling price for the building. I assume this is normal? With a pre approved mortage should I just go into a few and make lowball offers and hope someone bites? Am i better with with a interest only mortage since I plan on selling after a year or so of collecting rent? Without a interest only I see no way of making a profit from rent at all or at least not one worth it when you add in takes and condo fees? Anyone who has any ideas? help? or experaince in this area please let me know.