Buying a Condo to be used for rental purposes. - Posted by Michael McIver

Posted by John Paul Jones on May 19, 1999 at 20:55:14:

Sounds like a good deal but check out the condo bylaws before you sign not just the developer but the association also. I learned this this know rule in Real Estate school. I am a active Agent in Virginia and sometimes the bylaws suck for lack of a better word.

Buying a Condo to be used for rental purposes. - Posted by Michael McIver

Posted by Michael McIver on May 19, 1999 at 14:29:18:

Just wanted to get some of your ideas…I am considering buying a condo in Florida and allowing a real estate company manage the property for me. The condo is a new development and we will be getting the property at the builders cost. The appraised value is around 350K and we will be buying it for around 270K. Ideally, I would like the property to pay for itself after the initial investment (which shouldn’t be much because of the high appraisal value). What are your thoughts?

Re: Buying a Condo to be used for rental purposes. - Posted by A.W.

Posted by A.W. on May 19, 1999 at 15:20:56:

I have a friend who owns a condo in Florida and they rent it out by the week. I think the approximate value of the condo is about $270k or so. I don’t know how much they owe. They’ve owned it for about 8 or 9 years. There is hardly a week that it doesn’t get rented out. They make lots of money with it. They advertise it with a website and by placing ads in legal newsletters (they’re lawyers). Good luck!