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Old 01-28-2015, 07:09 AM
 
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I live in PA and am looking into Condo-tels in or around the New Smyrna Beach area. Can anyone give me any advice, pros/cons on Condo-tels? I have found one in NSB.

Thank you!
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Old 01-28-2015, 07:14 AM
 
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Condo-tels are probably the single worst real estate investment one can ever make. Speak to a lawyer and accountant before signing anything.
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Old 01-28-2015, 08:19 AM
 
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Originally Posted by annerk View Post
Condo-tels are probably the single worst real estate investment one can ever make. Speak to a lawyer and accountant before signing anything.
Not necessarily. A condo at the beach with a long minimum rental period could wind up being a way bigger drain on an owner who needs some income. There are awful ones for sure but there are exceptions. Caveat emptor and do your homework before purchasing.
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Old 01-28-2015, 01:14 PM
 
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Thank you both for your opinions. I would definately speak to a lawyer before purchasing anything. I have a few realtors that i am in touch with.
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Old 01-28-2015, 01:26 PM
 
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Keep in mind that realtors are working for themselves, NOT for you. They get paid when they SELL you something. Thus they have the motivation to SELL YOU something, even if it's not in your best interest.
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Old 01-28-2015, 01:42 PM
 
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I would ditch the condo-tel idea and buy a unit outright in a desirable building with a rental program, or have it well-marketed on a booking site like VRBO or AirBnB for when you're not there and have it maintained by a reputable management company. It could very well pay for itself or come close if marketed and decorated properly.
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Old 01-29-2015, 05:26 AM
 
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Originally Posted by annerk View Post
Keep in mind that realtors are working for themselves, NOT for you. They get paid when they SELL you something. Thus they have the motivation to SELL YOU something, even if it's not in your best interest.
The NAR Code of Ethics:

NAR Code of Ethics | realtor.org

Article 1
When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client.
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Old 01-29-2015, 07:47 AM
 
26,589 posts, read 52,957,081 times
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Quote:
Originally Posted by BrokerHarry View Post
The NAR Code of Ethics:

NAR Code of Ethics | realtor.org

Article 1
When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client.
They can say all they want. The REALITY is that a Realtor doesn't get paid until they sell something, hence they have a vested interest in making a sale. That's why the whole scheme of real estate will never favor buyers. As long as brokers and agents work on commission, they will try to make a sale regardless of the best interest of the buyer.
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