High HOA Fees - Orlando / Oviedo UCF Area

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High HOA Fees - Orlando / Oviedo UCF Area

Travis Zappia
Orlando, FL · Member since 2016 · 21 posts · 5 votes

I am currently looking into condos, SFR, and townhomes in the Oviedo, Fl area. I have been running the numbers on 10-15 different properties my realtor has provided and continue to find the HOA fees are turning each deal into not casflowing. I wanted to get some advice from the BiggerPockets community on what you have found with deals where the HOA seemed steep ($250-350/month) and what maintenance and other expenses you can eliminate from your analysis when running the numbers. I removed the capital expenses that wouldn't be necessary with the HOA (roof, landscaping, exterior paint, etc.) but was hoping to get some advice or personal stories from others on high HOA fee properties.

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Rob Hogerwerf
Member since 2019 · 1 post · 1 vote
5y

So where did you end up? Did you go SFR or Condo or Townhome? Any amenities you have with the one you choose?

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  • Jeran Miller
    Real Estate Agent · Winter Garden, FL · Member since 2015 · 3 posts · 0 votes
    9y

    Hi Travis,

    A bit of an tangent, but you may want to direct the agent to look into townhouses instead of condominiums.  In my experience on the western side of Orange county, I've found that townhouse HOAs charge about 1/3 to 1/2 of what condominiums tend to be looking for.  I've seen as low as $48/mo on the north end of town in the 32810 zip code.

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  • Travis Zappia
    OP
    Orlando, FL · Member since 2016 · 21 posts · 5 votes
    9y
    Thanks Jeran. That is good information to know. Going though the pre-approval process with a couple lenders and going to continue the hunt for some good leads.
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  • Mindy JensenPro Member
    BiggerPockets Money Podcast Host · Longmont, CO · Member since 2014 · 7k+ posts · 10k+ votes
    9y

    Hi @Travis Zappia .

    I'm not a fan of Condos specifically because of the HOA fees.

    I've lived in two different ones, for a total of 5 years, and I have never had a year pass that didn't have a special assessment thrown at me.

    If they don't cashflow at the normal HOA dues, imagine how much in the red you'll be with a special assessment tacked on top. My assessment was an additional $200 a month for 4 years in one place, and an additional $100 a month in the other. No more condos for me...

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  • Rod HanksBusiness Member
    Insurance Agent · Dallas, TX · Member since 2013 · 743 posts · 462 votes
    9y
    I stay away from HOAs for the most part because of the monthly fees and assessments. Those fees can turn a good investment to a bad one real quick.
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  • Travis Zappia
    OP
    Orlando, FL · Member since 2016 · 21 posts · 5 votes
    9y
    Thanks for the feedback! I will definitely begin to get away from condos and stay looking at SFR's in the area.
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  • Rob Hogerwerf
    Member since 2019 · 1 post · 1 vote
    5y

    So where did you end up? Did you go SFR or Condo or Townhome? Any amenities you have with the one you choose?

    1Reply
  • Scott Edwards
    Member since 2020 · 4 posts · 2 votes
    5y

    I'd also love to hear an update! Looking in the Orlando area for first investment property and many available opportunities are condo's. 

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