Condos, how do they work?

[froghunter]

Found one at a decent price but I have no idea how they operate

[TxKronik]

Found one at a decent price but I have no idea how they operate

like a house with an hoa

kronik by Diamond

[flywise]

Google pros and cons

Ive heard ( but cant varify ) that if more than a couple units have forclosures then it becomes vitually impossible for someone to find financing. Making it hard to sell one if you own one. Id be interested in finding out if thats true.
Insurance policy covers the sheetrock and in for the unit you own.

[hooligan]

Like a time share or a condo as in a fancy way of saying an apartment?

[froghunter]

A rental unit

[Codie]

Never mind - thought you meant purchasing a condo, not renting one

[froghunter]

Google pros and cons

Ive heard ( but cant varify ) that if more than a couple units have forclosures then it becomes vitually impossible for someone to find financing. Making it hard to sell one if you own one. Id be interested in finding out if thats true.
Insurance policy covers the sheetrock and in for the unit you own.

Biggest con I have read is if you get a power hungry jerk in charge of the "hoa". However every one is set up different as to what yours and theirs

[froghunter]

Never mind - thought you meant purchasing a condo, not renting one

Yes! Buying a condo to use as rental income.

[flywise]

http://www.bankrate.com/finance/mortgages/how-to-jump-through-condo-loan-hoops.aspx

[TxAg]

Yes! Buying a condo to use as rental income.

No offense, but that sounds like a terrible idea

[texan4ut]

You own paint to paint on the interior and a percentage of the common property. HOA pays for all exterior maintenance, grounds, and any amenities such as pool, clubhouse, park etc. I appraise them all the time. The comment about if one gets foreclosed one you can't sell it is nonsense.

[froghunter]

http://www.bankrate.com/finance/mort...oan-hoops.aspx

Dang Kirby, that's depressing.

[froghunter]

No offense, but that sounds like a terrible idea

Care to elaborate?

[flywise]

Dang Kirby, that's depressing.

Lol,
Probably better off buying a duplex or 4 plex

[Incline]

I've had a condo as a rental unit for over 20 years. Nothing wrong with that. Just put mine up for sale on Tuesday last week and accepted a contract Thursday night for over asking. It was a good investment for me.

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