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Old 05-18-2011, 01:11 PM
 
Location: Toronto
86 posts, read 149,458 times
Reputation: 32

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I would like some opionions, both pros and cons, about buying condos to rent out on Siesta Keys. For example, what would take to be successful? or they are overpriced and I'll never make any money...?

Thanks
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Old 05-18-2011, 02:09 PM
 
Location: Palm Island and North Port
7,511 posts, read 21,761,302 times
Reputation: 2856
A few things to consider when buying a condo:
1. How much are the condo fees? This alone can eat up any profit pretty fast.
2. What are the rental policies? If you want to rent by the week and the minimum is 3 months then that would be a problem.
3. How close is it to the beach? This is usually the number one question people will ask when looking to rent your condo.
How much money has the complex put into reserves to deal with future infrastructure needs?
4. Are there any major repairs that need to be made?
5. Have assessments and dues been increasing, and does the complex have plans to do so in the future?
6. How many of the units are owned by investors?
7. Do any investors control large blocks of units?

These are the same questions (excluding the beach question) that a bank will ask to determine whether to lend in a complex.

Banks will not lend in complexes that have not set aside 10 percent of their budgets for reserves. They will not lend when more than 50 percent of the units are rented. They also will not lend where a few owners control too many of the units or where too many owners are in default on their mortgages and dues.

Many of the older complexes didn't get as hard hit as some of the newer complexes or conversions.

There are some good deals out there depends on what your objectives are.
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Old 05-18-2011, 07:15 PM
 
Location: Toronto
86 posts, read 149,458 times
Reputation: 32
Thanks SoFlGal, you are as helpful as ever.
I would consider something a good deal if
Potential annual rent *25% - (taxes + Maintenance + Insurance + Misc fees) > 0

Do you know if insurance is part of Maitenance fee for condos?
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Old 05-18-2011, 07:30 PM
 
Location: Palm Island and North Port
7,511 posts, read 21,761,302 times
Reputation: 2856
Quote:
Originally Posted by IamCheap View Post
Thanks SoFlGal, you are as helpful as ever.
I would consider something a good deal if
Potential annual rent *25% - (taxes + Maintenance + Insurance + Misc fees) > 0

Do you know if insurance is part of Maitenance fee for condos?
You insure whatever is inside the walls. The exterior and grounds are part of the HOA fees and are insured by the association.
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