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Started By
Message
Orange Beach Condo Ownership
Posted on 10/9/19 at 7:13 pm
Posted on 10/9/19 at 7:13 pm
Has crossed my mind a few times. Have you ever owned one here? Input please.
10
Posted on 10/9/19 at 7:29 pm to Popths
I’m interested. From what I’ve heard it may work but what can kill you is the $1500 a month in HOA fees (from what I have heard).
Posted on 10/9/19 at 7:35 pm to Popths
Go to Mexico beach
Buy a destroyed lot/home
Build your own home
Profit
Buy a destroyed lot/home
Build your own home
Profit
Posted on 10/10/19 at 9:18 am to Popths
Just wait for the next recession.
Posted on 10/10/19 at 11:39 am to Popths
The biggest issue with condo ownership is Dues and Special Assessments. You need to ask about special assessments when you’re looking.
Posted on 10/10/19 at 1:16 pm to Popths
What is the average cap. rate for these condos one should expect?
Posted on 10/10/19 at 3:09 pm to Popths
$2000/w rent
$8000/m
Spend a month a year there for 20 years =
$160,000
Buy the condo = $800,0000 + dues
Spend about a month there every year. Maybe you make money selling it in 20 years, maybe you lose your arse. No way to know.
That's how my simple mind thinks.
$8000/m
Spend a month a year there for 20 years =
$160,000
Buy the condo = $800,0000 + dues
Spend about a month there every year. Maybe you make money selling it in 20 years, maybe you lose your arse. No way to know.
That's how my simple mind thinks.
Posted on 10/11/19 at 11:00 am to Popths
If you can pay out right and avoid a mortgage I would wait until the next recession to buy in OBA/Panhandle.
Posted on 10/14/19 at 6:55 am to Popths
I have some experience.
Some nice places there. Do your research. I like being near restaurants.
A few caveats;
Fees: make sure all fees are disclosed. Some places have high fees/hoa. Ask why.
assessments;. Ask questions about how many assessments they’ve had, how much and what they were for.
Condo boards; get to know the board chairman. Make sure you trust him/her. Ask about whether or not they’ve ever been sued and why.
Ask about board members backgrounds. Some condo boards can be corrupt. Any members doing work for the condo? Ie board member owns and electrical firm- thus he gets all the electrical jobs for the condo.
Any time shares? Some banks won’t lend to you if building has time shares.
Are there a lot of rentals? Some banks steer away from buildings with high rental numbers. It can also be an issue if you don’t want to rent your place. Buildings with lots of renters can deteriorate.
Otherwise, it’s nice place and some good buildings.
Some nice places there. Do your research. I like being near restaurants.
A few caveats;
Fees: make sure all fees are disclosed. Some places have high fees/hoa. Ask why.
assessments;. Ask questions about how many assessments they’ve had, how much and what they were for.
Condo boards; get to know the board chairman. Make sure you trust him/her. Ask about whether or not they’ve ever been sued and why.
Ask about board members backgrounds. Some condo boards can be corrupt. Any members doing work for the condo? Ie board member owns and electrical firm- thus he gets all the electrical jobs for the condo.
Any time shares? Some banks won’t lend to you if building has time shares.
Are there a lot of rentals? Some banks steer away from buildings with high rental numbers. It can also be an issue if you don’t want to rent your place. Buildings with lots of renters can deteriorate.
Otherwise, it’s nice place and some good buildings.
This post was edited on 10/14/19 at 7:11 am
Posted on 10/15/19 at 8:02 pm to Popths
I own a couple of condos in the Phoenix units. I’d recommend a one bedroom unit if it is mostly for investment. People are more likely to rent them during the off season than larger condos. Also being smaller, it doesn’t require a fortune to update nicely. Based on what I paid, the cap rate is a lot higher on my one bedroom. It has appreciated nicely too. Paid slightly less than $200K for my one bedroom in 2014. They now list for about $325K. My rentals are $36K so far this year. Paid $482K for my three bedroom in 2018. Rentals are $50K so far this year in it.
Posted on 10/18/19 at 9:42 pm to Popths
My business partner owns one. I would not advise it.
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