Is this the right time to invest for rental income? (Coral Springs: real estate, apartment)

[ivcceo]

I've been thinking about picking up a condo or two in my local area of Coral Springs to purchase and then rent out. No surprise there were lots of properties to choose from. My target was 50k. I reviewed some listings in these communites:

Edgewater on Wiles near University - 55 - 60K for a 2/2
Lakewood Village - Atlantic and University = 27k - 37k
Atlantic Springs on Altlantic and Coral Ridge - 65k

1. How is the rental market in Coral Springs?
2. Has anyone lived in one of these recently?
3. Is anyone else doing this with some success?
4. Do you think these types of condos will appreciate to 80k within 5 years?

[classyk21]

Doesn't matter if it appreciates as long as you make a positive cash flow each month. You make your money upfront. If it appreciates, great. If not it still pays for itself. Just research the rental prices in the area, stay competitive and offer a good liveable apartment. Of course the cheaper you buy it the better chance of having a positive cash flow each month. They will eventually pay for themselves just from your rental income. Hold a reserve on each apartment in case you are not rented. Good luck.

[Boats]

Doubtful that you will see that kind of appreciation in 5 years. It will likely be very difficult to sell also.

If you have no experience as landlord, you really need find out ahead of time if you have what it takes. I have seen this wreck so many nice people. Mentally, financially and actual physical health. A lot of people think you just paint a place and put up a for rent sign and wait a couple weeks until you get a renter that pays every month and they just sit back and make the bank deposits. It is not like that at all.

[hurricaneMan1992]

Wow, there are 2/2's up there for $60k?? But that's the HOA? That's less than the 2/1 basement condo I had out in UTAH ($75k with HOA of $110)! BTW I agree with Boats, and I'd rather put $60k in a well-managed, conservative mutual fund right now than real estate+put up with landlord/tenant issues.

[vr2]

Originally Posted by hurricaneMan1992

Wow, there are 2/2's up there for $60k?? But that's the HOA? That's less than the 2/1 basement condo I had out in UTAH ($75k with HOA of $110)! BTW I agree with Boats, and I'd rather put $60k in a well-managed, conservative mutual fund right now than real estate+put up with landlord/tenant issues.

In a mutual fund? Reminds me of the "economy" South Park episode "we'll just put this money into a conservative mutual fu..... annnnnnd... it's gone"

Right now is the time to buy real-estate. Best advice ever - buy when everyone is selling, and sell when everyone is buying. Right now people are desperately trying to sell and there are really insane deals everywhere. You will get much more for your money doing a few rental properties than a mutual fund that may or may not tank. In fact, if you can keep your rentals actually rented, you are basically guaranteed to see cashflow.

[hurricaneMan1992]

LOL, I must have forget the disclaimer at the end that says "this is not financial advice!"