condo’s are for sale in FL for $20k; if the by-laws of condo allow, is it good idea to buy and rent it?
I see many condos for sale in areas like delray and boynton and boca raton, often for 20K or less; if the condo assoc. allows you to buy it and rent it, is this a good idea? Are they hard to rent? anybody done it and know how much rent you can get for a 1 bedrm? I’m willing to do upgrades, just curious if it’s worth it to buy now while cheap – I could do it with cash, don’t need a loan – or is it better to buy a home, add upgrades and flip it?
There is a massive over supply, thats why they are so cheap but thats also why they would be very hard to rent. Still, if the price is right you should be able to rent it. However, I would be very wary that the condo fee and other expenses don’t end up being actually more than the rent. With tons of these available, and apt buildings taking huge losses (due to all the vacancies) it sounds like this probably won’t make you that much money (maybe a small house would be a better way to go – they won’t be as cheap, but still very cheap and no condo fee).
I think this is doable to make a good return on your money, but don’t expect that much. Also you may be waiting a long time before you see the prices go up any.
There is a ton of rental property in Florida and not enough people to rent them out I would not invest that much Money to have a condo sit empty. Otherwise the condos at that cheap price would have been sold and all ready rented out.
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Real Estate Tycoon and Investor
Very hard to rent. Every building with rentals has people out on the street begging for tenants. They give 3 to 6 month rent free.
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There is a massive over supply, thats why they are so cheap but thats also why they would be very hard to rent. Still, if the price is right you should be able to rent it. However, I would be very wary that the condo fee and other expenses don’t end up being actually more than the rent. With tons of these available, and apt buildings taking huge losses (due to all the vacancies) it sounds like this probably won’t make you that much money (maybe a small house would be a better way to go – they won’t be as cheap, but still very cheap and no condo fee).
I think this is doable to make a good return on your money, but don’t expect that much. Also you may be waiting a long time before you see the prices go up any.
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