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Old 09-26-2017, 08:37 PM   #1
froghunter
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Default Condos, how do they work?

Found one at a decent price but I have no idea how they operate
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Old 09-26-2017, 08:41 PM   #2
TxKronik
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Found one at a decent price but I have no idea how they operate
like a house with an hoa

kronik by Diamond
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Old 09-26-2017, 08:42 PM   #3
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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.
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Old 09-26-2017, 08:42 PM   #4
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Like a time share or a condo as in a fancy way of saying an apartment?
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Old 09-26-2017, 08:43 PM   #5
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A rental unit
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Old 09-26-2017, 08:44 PM   #6
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Never mind - thought you meant purchasing a condo, not renting one
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Old 09-26-2017, 08:45 PM   #7
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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
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Old 09-26-2017, 08:45 PM   #8
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Never mind - thought you meant purchasing a condo, not renting one
Yes! Buying a condo to use as rental income.
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Old 09-26-2017, 08:46 PM   #9
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http://www.bankrate.com/finance/mort...oan-hoops.aspx
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Old 09-26-2017, 08:50 PM   #10
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Yes! Buying a condo to use as rental income.
No offense, but that sounds like a terrible idea
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Old 09-26-2017, 08:50 PM   #11
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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.
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Old 09-26-2017, 08:53 PM   #12
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Dang Kirby, that's depressing.
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Old 09-26-2017, 08:54 PM   #13
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No offense, but that sounds like a terrible idea
Care to elaborate?
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Old 09-26-2017, 08:55 PM   #14
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Dang Kirby, that's depressing.
Lol,
Probably better off buying a duplex or 4 plex
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Old 09-26-2017, 08:56 PM   #15
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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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Old 09-26-2017, 09:15 PM   #16
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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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So who actually controls the hoa?
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Old 09-27-2017, 06:16 AM   #17
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No offense, but that sounds like a terrible idea


Please show your work. My math is different, especially if he is talking VRBO in a popular area.


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Old 09-27-2017, 06:38 AM   #18
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You really have to look into it more than just a condo... It's a property, it's an investment and depending on the location it can generate you some good money.
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Old 09-27-2017, 07:33 AM   #19
TxAg
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Care to elaborate?
Quote:
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Please show your work. My math is different, especially if he is talking VRBO in a popular area.


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HOAs, mgmt fees, agency costs, Board of Directors, neighbors sharing walls, wknd rental vs annual
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Old 09-27-2017, 09:36 AM   #20
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Our unit is # 48, if they get a roof back on, it should be ready to rent again in a year.

Name:  Bldg G damage tbh.jpg
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Old 09-27-2017, 09:39 AM   #21
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Our unit is # 48, if they get a roof back on, it should be ready to rent again in a year.

Attachment 874673
Do you get any loss of use with your insurance to cover lost rent?
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Old 09-27-2017, 09:47 AM   #22
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Our unit is # 48, if they get a roof back on, it should be ready to rent again in a year.

Attachment 874673
Wow!! That's terrible!!
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Old 09-27-2017, 10:01 AM   #23
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I'd stay away from them. Big money made off folks with all the different fees.
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Old 09-27-2017, 10:07 AM   #24
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Do you get any loss of use with your insurance to cover lost rent?
No coverage for lost rental income, but that is pretty insignificant to us. Since we spend 7-10 days a month in Port A, it really impacts us more by not having a bed.

OP, we are not in the rental pool and pretty much manage or own rentals. I guess our TBH renters will have to find an alternative for awhile. The rental income never offsets the monthly assessment, insurance costs, and any yearly special assessments (pool, project, new roofs, landscape, etc.). Bill Whitten, a long time realtor in Port A said, "Don't plan on making any money renting, the money will be in the appreciation of the property." Ours could be available for the right price.

If I was younger and had the resources, I would think about buying a fixer up rent house, get someone on a good yearly lease, and let them pay off my asset.

Hogboy
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Old 09-27-2017, 10:11 AM   #25
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My grandparents have on in Red River, NM. We all get a lot of use out of it. They rented it out for the first ten years until they had it payed off and then quit renting it. Since my grandpa died my granny has really talked about letting it go. They've recently gone under new management and every time she turns around it's more money more money.


I'd like to eventually get on in Orange Beach or Gulf Shores. We go every summer and spend 3-5k on one anyway, might as well have my own investment.
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Old 09-27-2017, 10:13 AM   #26
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No coverage for lost rental income, but that is pretty insignificant to us. Since we spend 7-10 days a month in Port A, it really impacts us more by not having a bed.

OP, we are not in the rental pool and pretty much manage or own rentals. I guess our TBH renters will have to find an alternative for awhile. The rental income never offsets the monthly assessment, insurance costs, and any yearly special assessments (pool, project, new roofs, landscape, etc.). Bill Whitten, a long time realtor in Port A said, "Don't plan on making any money renting, the money will be in the appreciation of the property." Ours could be available for the right price.

If I was younger and had the resources, I would think about buying a fixer up rent house, get someone on a good yearly lease, and let them pay off my asset.

Hogboy


So you totally rely on vacation rental then? I'm in a college town and would have a year lease set up.
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Old 09-27-2017, 10:16 AM   #27
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Yes! Buying a condo to use as rental income.
This is not a good idea. I learned my condo lesson a while back. I owned one in a 14 unit complex. Buried deep in the bylaws was a rule that no more than 20% of the units can be rental units. That math worked out to 2 rental units total. When I bought there 2 of the units were already rentals with long term tenants meaning no one else could rent out their units. 2008 hit and you couldn't sell a condo to save your life. The people that needed to move couldn't rent out their condo either. We had one guy do it anyway and the HOA stepped in and he had to evict his tenants and pay fines.

The best part is if your condo doesn't have a rule against rentals all it takes is a vote by the HOA to put a rule on the books and you'd be SOL.

Having a renter in a condo complex with tick off all the owners and every time your renter farts you'll have complaints.

Selling a condo sucks too. Most of the units are similar if not the same. If you're trying to sell and there are 3 more units just like your's trying to sell then you all end up pushing the price down on each other.

I wouldn't walk away from a condo....I'd run. Been there done that.
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Old 09-27-2017, 10:33 AM   #28
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Originally Posted by TxAg View Post
No offense, but that sounds like a terrible idea
Really? Every market is different, might not work where your from but there are plenty places where owning a condo for rental income can be great mailbox money. Especially being that he is in B/CS and can rent it out fairly easily for 12 mos. at a time.
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Old 09-27-2017, 10:33 AM   #29
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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.
X2

All condos are not rip offs. Actually, many are in the big cities and not even at vacation destinations that some people would be lead to believe. The HOA fees are a big deal and can vary significantly from property to property. With that said, the services some of these HOAs provide and property amenities also can vary greatly; hence the reason the fees can be all over the place.

Like anything else, just do your research. Compare purchase price, HOA fees, amenities to multiple properties in the area you desire, etc. Obviously, purchase price is affected by property location, unit location, amenities, HOA, etc.

I lived in a condo for a couple years in Houston. The layout was similar to a nice apartment complex; only less units. The paragraph above described the situation perfectly. I owned the until and interior was on me. Paid something like $300 per month in HOA fees; which covered exterior insurance, landscaping, security gate maintenance, common area maintenance, garbage pick (at my door), water, basic cable, etc. The monthly fees weren't all that bad compared to everything provided. Think about it, if you own a stand alone home, you pay for many of those services regardless.
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Old 09-27-2017, 10:40 AM   #30
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So you totally rely on vacation rental then? I'm in a college town and would have a year lease set up.
PM me, Im a broker in B/CS and can get you the info you're seeking. Lots of bad advice here.
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Old 09-27-2017, 11:04 AM   #31
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So you totally rely on vacation rental then? I'm in a college town and would have a year lease set up.
Yes mostly short stay, summer beach fun type stuff, a couple of winter Texans have stayed 3 months. Like I said, we don't really rely on any rental, it's more of a retirement stay for us. Sounds like you would have higher occupancy, so if someone is paying the note for you, it might be a good deal. College town will make it easier to unload if you decide.
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Old 09-27-2017, 11:09 AM   #32
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PM me, Im a broker in B/CS and can get you the info you're seeking. Lots of bad advice here.
OP, sounds like this man is in the market you're looking at. I would take his advice and shoot him a PM.

Hogboy
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Old 09-27-2017, 11:11 AM   #33
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I thought they kept you from making babies.
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Old 09-27-2017, 11:25 AM   #34
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I thought they kept you from making babies.
I checked my spelling twice before I hit the done button!!!
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Old 09-27-2017, 11:47 AM   #35
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I checked my spelling twice before I hit the done button!!!
Too funny.
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