Orlando/Fort Lauderdale Investment Property

[bmw335xi]

Originally Posted by katskill

why do you say that? For people like me for whom investing is part-time, condo is hassle-free.
I dont have to worry about the exterior or building maintenance.

Condos can be fine, but location matters twice as much. Location in general is what matters, but when it comes to condos, it matters even more. Generally speaking, condos decline faster during busts and take longer to recover during booms. You also have to worry about the HOA's financial health more so than a single family hous HOA. However, you can still invest in condos or town homes. I bought a condo around $250k and sold it for $530k 4.5 years later with no renovations. Just make sure the HOA is in good health and you count the HOA dues.

In regards to the other post, avoid vacation rental type properties. You could see your principal drop 75% easily during the next bust and it might not recover during the next boom. Look for good schools, good communities, good jobs, good locations etc.

[katskill]

Originally Posted by bmw335xi

Condos can be fine, but location matters twice as much. Location in general is what matters, but when it comes to condos, it matters even more.

In regards to the other post, avoid vacation rental type properties. You could see your principal drop 75% easily during the next bust and it might not recover during the next boom. Look for good schools, good communities, good jobs, good locations etc.

I agree - condos require more scrutiny of financials, but OTOH houses require stronger inspections - you miss one thing and it could be a moneypit.

Your criteria is spot on - school and location most important. Do you have any towns you can suggest?

[EZ-Lyfe]

Originally Posted by bmw335xi

Condos can be fine, but location matters twice as much. Location in general is what matters, but when it comes to condos, it matters even more. Generally speaking, condos decline faster during busts and take longer to recover during booms. You also have to worry about the HOA's financial health more so than a single family hous HOA. However, you can still invest in condos or town homes. I bought a condo around $250k and sold it for $530k 4.5 years later with no renovations. Just make sure the HOA is in good health and you count the HOA dues.

In regards to the other post, avoid vacation rental type properties. You could see your principal drop 75% easily during the next bust and it might not recover during the next boom. Look for good schools, good communities, good jobs, good locations etc.

I'm from Orlando area and I'm looking to get my first rental property as well.

Is this the type of vacation rental that you're saying should be avoided?

https://www.ziprealty.com/property/7...32819/88257327

It's a short sale for $50k. And the monthly payment including HOA+Taxes would be $800 assuming 5%, 30 year mortgage.

Thoughts?