- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Anyone buy then rent out condos?
Posted on 5/25/15 at 3:35 pm
Posted on 5/25/15 at 3:35 pm
Have a little chunk of change and thinking of pulling the trigger on a nice condo in a decent area and hoping to rent it out and make a little profit. I'm new to all of this so feel free to school me in rental properties regarding fees, rates, maintenance and insurance but I believe at least maintenance is taken care of in regards to the condo(HOA?) so I wouldn't have to do it myself.
Also, would HOA fees really make it tough to make ANY reasonable profit from a condo rental?
Just trying to pick the brain of those with more knowledge on the subject
Also, would HOA fees really make it tough to make ANY reasonable profit from a condo rental?
Just trying to pick the brain of those with more knowledge on the subject
6
Posted on 5/25/15 at 4:07 pm to sawmillsam
We had three of them and it was a pain in the arse. I will not do it again unless I can own 15-20 and have a staff of a few folks to help run it.
Posted on 5/25/15 at 4:20 pm to sawmillsam
I have a good friend that owned a small 1 bedroom one by LSU. After a couple bad tenants, she couldn't get rid of it fast enough.
Posted on 5/25/15 at 4:23 pm to sawmillsam
I'd shoot for multiple shittier condos or houses in a worse part of town. Maybe a duplex. Luxury condos can be hard to rent because most would-be tenants can afford to buy.
Posted on 5/25/15 at 8:27 pm to sawmillsam
quote:
Also, would HOA fees really make it tough to make ANY reasonable profit from a condo rental?
I'm sure it's like all investments. You have to buy at the right time and get a good value.
Some friends do well with this stuff, but I know a few who have lost their asses off.
Posted on 5/25/15 at 11:07 pm to sawmillsam
Do all of your homework, the annual bottom line can be quite a bit more than just the maintenance on the debt for the property.
One must be careful, often these properties don't carry their own weight as an investment once the HOA dues and other fees are figured into the equation.
I won't have a condo as a investment tool, only for personal use.
One must be careful, often these properties don't carry their own weight as an investment once the HOA dues and other fees are figured into the equation.
I won't have a condo as a investment tool, only for personal use.
Posted on 5/26/15 at 9:07 am to sawmillsam
It can be good depending on how much you pay for it. The best situation is if you lived there. My husband and I bought one side of a duplex condo in a very nice community and lived here 2 years. Then we built a house that we lived in for 7 years sold & moved back to the condo. We are about to build again. So our condo serves as a rental when we are in a house. We keep it mainly for retirement... income and to move back to if we ever want to downsize. Note though, we bought it in 2004 prior to the huge inflation from Katrina. So we are making a nice profit. Something else to consider... buying in an extremely nice neighborhood with a very nice unit will allow you to charge more rent but you do not get long term renters as you would for a cheaper rent. They usually stay about a year. We have never had a bad tenant. Key to that is: screen, screen, screen.
Good luck!
Good luck!
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News