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Old 11-04-2008, 03:14 AM
 
155 posts, read 508,058 times
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I know this is a pretty broad question. It is just with the market the way it is, it seems I'd be crazy not to buy. I really don't want to live in it... I want to buy something and rent it out as an investment.

I keep reading about Floridians saying "I hate it here and can't wait to get the heck out" and things along those lines. Can people elaborate on why you feel this way?

Also any feedback about buying an investment condo would be appreciated. This would be my first home purchase ever.
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Old 11-05-2008, 05:49 PM
 
Location: East Tennessee
3,928 posts, read 11,608,435 times
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In my opinion, your first purchase should be your primary residence. This aside, if you really want to be a landlord, you need to make sure the rent will equal or exceed your monthly payment, else you will find yourself into a negative cash flow situation.
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Old 11-08-2008, 06:51 AM
 
5,969 posts, read 9,572,406 times
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Quote:
Originally Posted by mbrrt View Post
I keep reading about Floridians saying "I hate it here and can't wait to get the heck out" and things along those lines. Can people elaborate on why you feel this way?

Also any feedback about buying an investment condo would be appreciated. This would be my first home purchase ever.
Most Floridians feel that way because the wages here are absolutely horrible and many of the cities with the exception of the Miami area have no culture and are just urban sprawl.

If you want to buy property in Florida I would advice against a condo, buy a home instead it will appreciate much faster and will be easier to sell.
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Old 11-09-2008, 12:38 PM
 
Location: Seminole Fl.
2 posts, read 10,152 times
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Now would be an excellent time to buy a condo to live in, as an investment.... are you nuts?
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Old 11-11-2008, 08:53 PM
 
10 posts, read 126,916 times
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According to my real estate agent I used within this last year, condos are NOT a good investment. There is a glut of them on the market and you will be hard pressed to unload it. I live in Clearwater and thank God every day that I did not consider a condo.
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Old 11-13-2008, 11:29 AM
 
Location: Tampa, FL
133 posts, read 538,549 times
Reputation: 39
You should also consider the monthly maintenance fee's that come along with a condo and make sure you can positive cash flow by renting it out. There are some very in-expensive condos in the Palm Harbor area that we have helped people purchase for investments. Some developments issue leasing permits to control the number of units being leased at any given time. If you are purchasing a condo for investment, make sure you can rent it out before hand. Just weigh all of your options and make an inform decision including up keep, monthly maintenance fees, taxes and monthly mortgage payment vs. potential rental income. If you can positive cash flow for several years and feel you can sell the condo later at original purchase price or higher, it makes sense. Hope this helps.
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Old 11-14-2008, 11:08 AM
 
Location: Tampa, FL
27,798 posts, read 32,475,111 times
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What can one normally expect from HOA? I'm interested in a Riverview/Ruskin condo that has a HOA of $335/mo. Steep, in my opinion. Haven't been able to investigate, but I hope that fee covers insurance.

What do you agents think? Are HOAs usually this high?
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Old 11-14-2008, 04:14 PM
 
Location: Tampa, FL
133 posts, read 538,549 times
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$335 is a bit high in my opinon, but depends on what it covers. Some cover items such as cable, insurance, roof, exterior and some do not.
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Old 11-14-2008, 06:33 PM
 
Location: East Tennessee
3,928 posts, read 11,608,435 times
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Agreed. $335 is on par if it includes building exterior, roof, insurance, water/sewer, cable and grounds maintenance. In older units, fees will be much higher; I've seen a lot worse. Also with some, there is an additional fee for community amenities such as pool & other recreational activities.
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Old 11-14-2008, 11:59 PM
 
Location: Tampa, FL
27,798 posts, read 32,475,111 times
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Quote:
Originally Posted by TampaKaren View Post
Agreed. $335 is on par if it includes building exterior, roof, insurance, water/sewer, cable and grounds maintenance. In older units, fees will be much higher; I've seen a lot worse. Also with some, there is an additional fee for community amenities such as pool & other recreational activities.
Thanks for responses on the HOA question. I suspect HOAs go up every year a certain percentage. Needs to be taken into consideration for people on a tight budget. High HOA also have an effect on the resale potential as people don't want the extra monthly expense in addition to their mortgage.
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