Condos & Multifamily Investments Tampa FL

[Steven Mason]

Hello everyone,

I'm thinking about buying some condos or multifamily properties here in the Tampa FL area by taking advantage of how good deals are going to be here in a couple months, but I'm not sure if people are going to be able to actually pay their rent. Any suggestions?? Thanks in advance.

[Tom Parris]

Hi @Steven Mason,

I'm a big condo fan, but what's going on with buying opportunity and condo you must tread very lightly. To get a conforming loan on a condo, the condo needs to be approved by Fannie Mae. In order for a condo to be approved, it must pass a lender condo questionnaire to qualify it. One of those requirements is low delinquency rates. Condos may drop in price and be really affordable, however, that may be because there's an issue with the HOA, and assessment has gone out all sprung from the HOA not being able to afford it's budget because 30% of the owners have stopped paying their HOA fees. It's a butterfly effect.

I recommend going with smaller and easy to manage properties. Townhouses can be a good option where there's still low maintenance, but a lower chance to get an assessment.