Profile picture for user244021

buy a condo as an investment

i want to buy a condo as an investment. i want to rent it out as soon as i buy it. what credit score would i need to get a loan to rent out the condo. i will not be living in it.
  • August 21 2012 - Oceanside
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Answers (6)

Profile picture for Tony Cannon
Yes, talk to a lender to see not only what credit score is required but also to run the numbers to see if the investment makes sense based on your monthly payments. You will have to put at least 20% down and you will not be able to buy in a condo community where less than half the units are owner occupied...a number of Oceanside communities are that way: Vista Way Village, Stonemark etc
  • September 17 2012
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In Miami Beach, condos make excellent investments and there are buildings that allow rentals quickly. Search our site for available properties.
  • August 31 2012
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Hello,

I would also agree to stay away from a Condo - Unless there was some major Deal or Incentive where they are extremely desirable.

In General, when you own a Condo - so do 50 - 200 other people own in the complex... not too much can make them different from each other - so what if a few people run into trouble with their Units and have to short sale them or foreclose ? These Units will directly relate to the value of your condo..

Also Owning a Condo - keeps things out of your control - when Investing - it is always a good idea to have as much control over your investment.

Finally, how long are you looking to Own?  I would do a lot of research into the Condo Units you are considering and how they Sell and how they have appreciated over the years ...

Good Luck

Deirdre

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  • August 31 2012
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I would agree with Craig.  Less than 2% of what we sell to investors are condos -- for many reasons.

If you have the investment captial to buy a condo, then you should be able to get a single family property in many U.S. markets providng you with high cap rates and cash flow.

Marco Santarelli
Norada Real Estate Investments
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  • August 21 2012
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Good Afternoon,
I can put you in touch with a wonderful lender that can run your particular financial situation and help you with your investment goals. Contact me directly for assistance. Once you get preapproved, we can go see condos or homes in Oceanside, that would make great investments. We also do property management, so I can help you in that regard if you need me to as well.

Thanks!
Sinead McAllister
Broker
McAllister Homes Real Estate

  • August 21 2012
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Profile picture for craigfial
DO NOT buy a condo for Investment. You will be flushing your money down the toilet.
Large Hedge Funds and REITS are back to building apartment buildings around the country. These will be DIRECT competition for your unit. Due to over supply of condos and other investors buying them for rental, there is just too much out there and more coming.

If you want to invest in property, stick with Single Family Homes that return 8% or more Cash on Cash, or 15% on financed cash.

There are tons of opportunities here in S. Florida, not sure about Oceanside.

You will thank me in about 2 years.

Good luck,
Craig
  • August 21 2012
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