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i m looking to buy a condo as an investment.
- under 200k
- rent should cover taxes,mortgage,association fees
- good school district
- construction not prior to 1995
can someone plz suggest any towns where i can buy a condo that would fit above criterias.. also would appreciate any advice about "buy & rent condo" business..
You're probably going to need to put down at least 50% of the cost in order to be positive on the income side. You would need to find a place that's a wreck and fix it up or buy something through a special situation to make a real go of it. You will, however, get the tax benefit of depreciation on newer units and renovation expenses though. If it were easy, everyone would be doing it.
My condo in Jersey City only fits 2 of your criteria. It's build in 1996 and rent covers everything. We live there 4 years as primary residence and now rented. We still have around 30% equity in the condo. The rent is 1750. We refinance as interest only mortgage when rented and monthly payment is $1250 (inculding interest, property tax and insurance). Maintenance is $230. It still leaves us $230 to pay toward principle every month.
Good luck. My payment for Mortgage, Taxes and Association fees is about $1950 a month on a $230,000 condo. The units rent out for about $2000...so for $50 a month it is definitely not worth it to take the chance of having someone trash the place...especially when you factor in the cost of insurance and maintenance and the headache of being a landlord!
this reminds me of a good movie quote from vegas vacation:
"Here's an idea: Why don't you give me half the money you were gonna bet, then we'll go out back, I'll kick you in the nuts, and we'll call it a day! "
Good luck. My payment for Mortgage, Taxes and Association fees is about $1950 a month on a $230,000 condo. The units rent out for about $2000...so for $50 a month it is definitely not worth it to take the chance of having someone trash the place...especially when you factor in the cost of insurance and maintenance and the headache of being a landlord!
Don't you also need to pay for rental income tax? So it's not even fifty bucks at the end?
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