Condo investment (by Shannon [NC]) Jun 6, 2014 5:26 AM
Condo investment (by SMB [OH]) Jun 6, 2014 6:12 AM
Condo investment (by Pattyk [MO]) Jun 6, 2014 6:34 AM
Condo investment (by BillS [CO]) Jun 6, 2014 6:50 AM
Condo investment (by gevans [SC]) Jun 6, 2014 7:20 AM
Condo investment (by Robert,Ontario,Can [ON]) Jun 6, 2014 7:27 AM
Condo investment (by Roy [AL]) Jun 6, 2014 9:42 AM
Condo investment (by Rr [WA]) Jun 6, 2014 11:59 AM
Condo investment (by Kyle [IN]) Jun 6, 2014 2:09 PM
Condo investment (by BillS [CO]) Jun 6, 2014 3:33 PM
Condo investment (by Patrick [IL]) Jun 6, 2014 8:46 PM
Condo investment (by Shannon [NC]) Posted on: Jun 6, 2014 5:26 AM Message:
State Specific Question About: NORTH CAROLINA (NC)
Hello all,
I have a chance to buy a restored condo in Charlotte. The inside looks good and the complex is nice. However. The wood trim outside of the unit is deterioting and the building has no gutters which has led to erosion around the unit. All you can see is the dirt. I am afraid this would turn off prospective tenants. The HOA is responsible for outside work but I can't MAKE them do it. The positive cashflow is very good even after paying the condo fee.
Any thoughts on this would be helpful? Should I go for it or pass? --72.204.xxx.xxx |
Condo investment (by SMB [OH]) Posted on: Jun 6, 2014 6:12 AM Message:
We have several condos in a single development and for years they had issues with the gutters (too small)overflowing, causing water damage in nearly every unit due to all the water collecting around the foundations.
If this unit you're looking at has NO gutters I would be very concerned about the structural damage to the buildings caused by all the water. Do they have basements? I guess if they're slabs that wouldn't be as big an issue, but we have basements.
My advice would be to try and talk to someone on the HOA to get a feeling for how receptive they are to some of the changes you'd like done. See if they've ever considered it, or had damage from it reported. Ask for financials to see how much money they have on hand and how they spend their income. Some HOAs are investor friendly, others not so much. Ours is, which is why we are heavily invested.
Each owner has a responsibility to pressure the HOA to do things that protect property values, but not all HOAs are receptive. You need to feel them out. --12.32.xx.xxx |
Condo investment (by Pattyk [MO]) Posted on: Jun 6, 2014 6:34 AM Message:
i would attend a condo meeting and get the budget and the financial report or request those from the listing agent. Sounds like to me there are people not paying or the money is not being used properly or the units are aging the there isn't enough income to cover the expenses and ahead are higher monthly condo fees or special assessments. --173.143.xx.xxx |
Condo investment (by BillS [CO]) Posted on: Jun 6, 2014 6:50 AM Message:
Run Forest Run. Unless you want to take over the management of the association and make sure these kind of things are dealt with properly. Probably lots of other neglect so you would need to raise HOA fees to make up for lost time. To do that you are facing an uphill battle against other owners who don't see the cost of neglect and will fight fee increases. --67.161.xxx.xx |
Condo investment (by gevans [SC]) Posted on: Jun 6, 2014 7:20 AM Message:
One more thing to consider: some condo HOAs do not allow rentals. --141.129.x.xx |
Condo investment (by Robert,Ontario,Can [ON]) Posted on: Jun 6, 2014 7:27 AM Message:
Here condominium developments have a reserve fund so when major repairs are required they use up the reserve fund. Once the reserve fund is used they increase the condo fees. Condominium for rentals is a very inflexible along dealing with condo board when major work has to be done to the unit. It is better to buy a single family house where one has complete control of what needs to done in timely manner. --74.220.xxx.xxx |
Condo investment (by Roy [AL]) Posted on: Jun 6, 2014 9:42 AM Message:
BillS (CO)
Forrest is spelled with (2) r's instead of just one.
My advice here is the same as yours,...Run Forrest Run. LOL. --69.244.xx.xx |
Condo investment (by Rr [WA]) Posted on: Jun 6, 2014 11:59 AM Message:
Condos can be good short term investments if bought cheap in a rising market. Otherwise, I would avoid. --174.254.xxx.xxx |
Condo investment (by Kyle [IN]) Posted on: Jun 6, 2014 2:09 PM Message:
I would avoid any HOA you do not have a 51% voting interest in. Too many other people are in control of your investment. Special assessments, dues increases, new rules about rental units, etc. Keep all these in mind when considering how much you need to discount your offer. --68.46.xxx.xxx |
Condo investment (by BillS [CO]) Posted on: Jun 6, 2014 3:33 PM Message:
Roy - very poor speller that can't figure out more than one way to spell a word. I'm sure folks have noticed over time that I'm not the best speller nor is writing my forte. --75.160.xxx.xxx |
Condo investment (by Patrick [IL]) Posted on: Jun 6, 2014 8:46 PM Message:
Agree with other LL here. Not much control over many things as Kyle listed. Don't we get enough headache dealing with tenants? With condo, you'll have to deal with HOA. Yuck. --108.72.xxx.xxx |
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