Wrap-Mortgage a Condo?

[Nathan Williams]

Hello All,

I'm an active duty service member who might be moving to Norfolk, VA next year. This will be the year I begin my real estate investing journey. I've looked into condos before and LOVE them because as an officer in the Navy I always lived in decent Condos. They've treated me well!

I noticed while browsing that some condos don't allow you to rent. Is anyone getting around this by financing your buyer? I pretty sure it will be a big maybe, because most condos have different rules and there's the "Due on Sale" Clause we all fear. That's why I'm asking if anyone has an experience, but if not, any thoughts on how this might work.

How about if the condo allows renters. Might I be able to finance a new buyer in that situation as well? This would be ideal as I can bypass property management, maintenance, vacancy, repairs, Capex, utilities, and pretty much everything. Of course I'll set some aside in case I need to foreclose, repair, and finance a new buyer.

Pretty ideal for me since I work full time and don't really want to coordinate contractors on a big house rehab (or take the risk) and I can just move into a new condo for a year or so. I'm also asking because my orders will be for a year in Norfolk, so I'll need to rent or finance a buyer. I wouldn't mind renovating a condo and would actually prefer it.

Lastly, if you're a realtor in Norfolk who specializes in Condos please reach out to me. There will be a vetting process as I haven't found a market with a herd of new Realtors running around claiming they know everything about the market. Must know a property manager who does condos and knows what one might rent for. I have rentometer, I need more than that like rules and regulations, laws, trends, rental comps, etc. Expect a few questions.

Thanks all!

Best,

Nate