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Is buying a condo and renting it out good idea right now, in this economy?

Is buying a condo and renting it out (in oceanside, CA) good idea right now, in this economy? with the current interest rates? and especially with the unknown future of housing market?

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September 26 2013 - San Diego
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Doing your homework and hiring a seasoned agent that specializes in condominiums would be a good start.  Also, we have a great investment property calculator on our website - check it out!  Good luck!
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October 01 2013
So much depends on it....your fiancial profile, the location, the condition, who will manage the property, etc....
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September 26 2013
It would depend on the market in that particular development.  You also need to verify that the condo association allows you to rent it out that condo development
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September 26 2013
Hi there,

As long as you at least break even on your numbers, it's a great idea. Rents typically increase, so even if there's not a lot of appreciation, you'll still have rent. There's a lot to consider. For example, not all 2 bedrooms will rent at the same rate. Updated units will generally rent higher than dated units. You'll need to have a grasp of the particular rental market you're buying in. What are the other units for rent like? Where are they located? A unit a few streets away from Balboa Park in Hillcrest, for example, will rent higher than a condo in the same general area, but further away and closer to the 805 in North Park, but you'll pay more too. Both can be good. It just depends on your budget. I can create payment and cash flow scenarios before you submit any offers, so you'll have a good idea  before going in.

Warm Regards,

Cory La Scala, REALTOR
Independence Realty
Lic # 01443391
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September 26 2013
Good Morning,
Being that I live and work in Oceanside, California, both as a real estate broker and as a property manager, I would love to discuss with you, in depth, what your property buying and renting strategies are and should be. I work with a lot of investor clients here in Oceanside and feel I would be a great asset to you in your endeavours. Click on my name to contact me directly and we can talk about your needs! :)

I look forward to hearing from you!!
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September 26 2013

There are a lot of questions to be answered when you are considering investing in property.  It does not matter whether it's condo, single family or townhome.  As long as your income exceeds expenses, you are going in the right direction.  CAP Rate = Gross Income - Expenses / CASH
I typically lookfor 8%+ CAP rates.  A number of large hedge funds and REIT's are stating 8%+ but I find their actual CAP is closer to 2%-3%.

 

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September 26 2013
That sounds like a great idea, can pass up a great time to buy right now, and fantastic deals out there.
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September 26 2013
I think it is a great idea, things are going up and if our gov't ever can figure out how to make the economy better things should keep going up.
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September 26 2013
 
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