Are there any condo rules against renting? They can restrict this. One condo I looked at they would allow renting after you had owned the place for 1 year (but is anyone really checking?)
What are the maintenance, condo or homeowner fees?
That will eat into the $170 pos cash flow. I have seen it vary from $70-$230 per month in the SAME NEIGHBORHOOD.
Specifically for Ft Laud… is it a 55+ condo? They can restrict who can buy the condo by AGE. (or try to)
Condos are not the greatest, harder to sell later on than a house, but you can get some DEALS. They key is to find a condo association that will stay out of your HAIR, LOL
Good luck, let me know how it goes.
Sandy
P.S. Come to the next Boca or Broward Real Estate Investors Club meeting. Email me and I will tell you about it.
Thanks for replying Sandy. and would like to start as soon as possible, tell me I Found a condo the person is asking $24.ooo dollars and would have a definite cash flow of $170.00 dollars do you think it’s a wise decision to go ahead with this and then offer a lease option to a next tenant, but you see there is a small problem, I’m reluctant to make this decision for the simple reason that this condo is not one of the prettiest in that complex; do you think I should take my time of preselecting one that at least has a nice appeal to or go ahead and choose this one? PS Do you have any recommendation of an area where it’s easy to buy cheap property and then rent it? I also believe that condo would be a wise pick if it’s easily rented for cash flow?