Condos as rentals: Ways to cut my costs

[Daniel Jackson]

I am usually not attracted to condos, when it comes to rental properties. At the moment, I have a portfolio of condos I am interested in buying. The reason for my interest is because the purchase price/numbers make it a good deal. Even with the HOA fees, they cash flow well and are 100% occupied.

I was thinking about ways to cut my costs with the HOA fees. Some landlords say just include it in the rent. That would drive rents up, which is not good for competition with other condos that are charging less. I think I might be able to get away with some lease options, which would bring a premium rent of $100-$200 more. I think tenants might look at that differently vs just raising the rent. Thoughts?