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Should I buy a condo, or Home to rent out?

I have been searching for real estate property in Lehigh Acres (homes), and Fort Meyers (condo/apt). Which one would I have better success at renting out to tenants?

Thank You!
  • January 31 2010 - Lehigh Acres
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Answers (4)

A house is the way to go. HOA fees in condo communities would minimaze your return and if you rent a house your tenant take care of the grass etc.etc.
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  • February 03 2010
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Buying all the units in one building doesn't eliminate the management company - you would just own those units and still be subject to fees.  A large percentage of condos are in large communites of 100+ units.  Awesome theory but extremely difficult to apply.

Not to sound like a talking head, but it really IS a great opportunity to buy right now.  2005 had total sales of over 12k (height of boom) and 2009 had total sales of over 16k.  Our prices have stabilized (dare I say?) and in some cases have increased.  Inventory is down from over 18 months when I moved here 2 years ago down to 3.  Everything is selling as quickly as it hits the market.  Multiple offers the first week on market etc etc.  When I heard the stories up north I didn't believe it.........now I'm living/working in it. 

Cash flow now is always a concern and I would never want someone to bite off more than they could chew.  Duplexes might be a good idea for you if you aren't looking to retire for 10-15 years.  Plenty of time to pay off a mortgage if you had one and save for the future. 


If you want to get more detailed or pick my brain, feel free to get in touch at your earliest convenience.  I'd love to help you!
  • January 31 2010
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Thank You Danielle!

Excellent insight and knowledge regarding risks of condo. I did lean more
toward owning a single home where there is no HOA.

Some condo units are so low in price one could buy all four of a condo unit and eliminate the HOA?

I do fantasize sometimes. I just looks like a good opportunity to buy now. Of course near term risks regarding cash flow returns.

Your answers are welcome as many as you would like to make.

Thanks Again!


  • January 31 2010
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Tony,

Are ya sick of me yet? haha

The majority of condos have lease limits, ranging from no leases to weekly rentals.  Word of caution on condos though.........HOA's are not exactly what I would call stable.  High default rates, high percentages of foreclosures and short sales have depleted reserves and forced management companies to cut services and in some cases file bankruptcy.  If you're going to buy a condo do your homework. 

Here's a recent news article that might help with your research:

http://m.news-press.com/apps/pbcs.dll/article?AID=/20100120/BUSINESS/1200364/1014&template=wapart
  • January 31 2010
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