CONDO RENTAL

[Ivan Mendoza]

Hello BP family, my name is Ivan from Denver, Colorado wanted to reach out and see if i can get some advise on a good real estate agent/investor in Colorado Springs market. I've been waiting on the sidelines long enough and want to get into buy and hold properties. I am a little worried about trying to get investments going in the Denver Metro are(Prices to high). This would be my first rental property I am looking for a condo to start out with. i know the stigma about condos and HOA but i plan on doing my homework with the management to make sure i can turn it into a rental. If there is anyone that is out there that can help that would be great. Thank you all in advance!

[Chris Carollo]

Welcome and glad to hear that you are getting started!  We only have one condo, its been the easiest to maintain of all our properties but the most hassle factor. Assessments, move in/move out fees, insurance regulations, etc.  Not saying that its'a bad investment but a different type of investment other than single family/mutlifamily.

Some things to think about...

HOA-What does this cover? How are the reserves of the building?

Can you even rent it out? Some buildings have strict guidelines on rentals

What is your target audience for it? Students, Young Professionals, etc. In my experience turnover seems greater than my single family properties.

 How much are others renting units for? Take a look at Zillow.com for current units for rent in area. 

Good luck!