 Condo Owners (by Shannon [VA]) Oct 5, 2009 10:54 AM
 Condo Owners (by Wallace CPM [VA]) Oct 5, 2009 10:58 AM
Condo Owners (by Shannon [VA]) Oct 5, 2009 11:14 AM
Condo Owners (by NotThatJosh [CA]) Oct 5, 2009 11:50 PM
Condo Owners (by Reid [KS]) Oct 6, 2009 3:21 AM
Condo Owners (by Shannon [VA]) Oct 6, 2009 3:33 AM
Condo Owners (by Steve [FL]) Oct 6, 2009 6:09 AM
Condo Owners (by NotThatJosh [CA]) Oct 6, 2009 7:31 PM
Condo Owners (by Shannon [VA]) Posted on: Oct 5, 2009 10:54 AM
Message:
State Specific Question About: VIRGINIA (VA)
Does anyone own a condominium. What are the pros and cons of these. I was thinking of buying one as a rental property since they are so cheap in my area.
thanks
Shannon --70.182.x.xxx |
Condo Owners (by Wallace CPM [VA]) Posted on: Oct 5, 2009 10:58 AM
Message:
Cheap can be EXPENSIVE * heavy condo fees and LOADS of competition from other investor owners...many in our area are CHEAP; however dues are increasing because of # of foreclosures and $ being lost to the HOA --64.12.xxx.xx |
Condo Owners (by Shannon [VA]) Posted on: Oct 5, 2009 11:14 AM
Message:
What area of VA are you in? --70.182.x.xxx |
Condo Owners (by NotThatJosh [CA]) Posted on: Oct 5, 2009 11:50 PM
Message:
Condos are one of the worse choices for a rental. And, as an investment vehicle, condos usually aren't the best choice either because they appreciate less. --24.30.xxx.xx |
Condo Owners (by Reid [KS]) Posted on: Oct 6, 2009 3:21 AM
Message:
If you are an independent thinker being under the thumb of a HOA may not be to your liking. --70.246.xxx.xx |
Condo Owners (by Shannon [VA]) Posted on: Oct 6, 2009 3:33 AM
Message:
Well I was considering it because here in VA condos are selling for 50 to 60 K. I live outside of D.C. Local rent rates are 1000 - 1100 a month. With a buy an hold strategy that I have I don't think I could go wrong. What do you guys think? --70.182.x.xxx |
Condo Owners (by Steve [FL]) Posted on: Oct 6, 2009 6:09 AM
Message:
Shannon, condos are the junk bonds of RE. Not that they can't be profitable but there are so many pitfalls that I can't really think of a single reason to own one other than a vacation spot rental or a major city rental such as New York where there are no other options. --98.183.xx.xx |
Condo Owners (by NotThatJosh [CA]) Posted on: Oct 6, 2009 7:31 PM
Message:
How much would it cost to buy a SFH in that same market?
Are you sure you can get that rent for the condos you're eying?
What are the association fees? In general, higher association fees drag down the selling price? You might be getting a good price buying it, but then ending up paying for it through the association fees. If you're paying several hundred in association fees, then you've got to subtract that from rental payment. --24.30.xxx.xx |
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