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Updated over 15 years ago on . Most recent reply
senior housing condo
I found the condo 1/1 where the complex is senior 55+ occupied. Now, there are two units for sale but the HOA fees are $961!!! that includes meal, water electric bills and free loundry plus a free shuttle to the hospital. My question is how can you potentially rent it and still make anything on it??? Can the insurance pay for the rental to the seniors? Is there any website that you can list the condo for rent to reach that specific group of people, or contact the insurance company that will be willing to pay rent for that cause? Maybe there is a way to talk to the owner HOA do make the fee optional for non seniors? Any advice will help in this case
Thanks!
Samuel
Most Popular Reply
One suggestion: go down to your local HUD office and see what they pay for senior citizens who qualify for HUD. See if it is enough to cover the HOA plus a bit of rent for you. They won't pay for meals, but they do pay more if utilites are included.
Be sure to check on the economic health of the HOA. If people are leaving and unable to rent their units, it's possible that the HOA is having trouble collecting all their fees.