Posted by Carmen on March 03, 1999 at 21:21:15:
The sellers are not too interested in giving large discounts because they know they can get their price with financing.
I don’t want to be a landlord, but I do want a monthly income. That’s why I’m considering L/O. Also, there’s almost no work involved - no structural damage, no roof or foundation worries)
Rentals also don’t interest me much on this particular deal because the prices on these condos seem to be going up extremely slowly. I suppose I could be shortsighted, but I still don’t want to deal with tenant problems.
Thanks for the warnings about Fannie Mae - I’ll keep that in mind. I had not heard about the Fannie Mae restrictions. Question is, how would they know? I guess the condo association would have a hand in controlling rentals, and would know. I will also call the HOA tomorrow, to check on any pending assessment.
Good advice. Thank you for sharing.