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Flipping/Renting in 55+ Community.
Good morning everyone!
Just wanted to get some insight from investors that have or are currently flipping and/or renting properties in 55+ communities in Arizona. I work with hundreds of investors across the state and a majority stay away from 55+ communities. The obvious con I see is that your target re-sell market is smaller and HOA's can be high with strict regulations. But what are some pros? Why do some investors prefer 55+ communities? Any feedback is greatly appreciated. Thank you.
Happy investing,
Quote from @Jonathan McEntee:
Good morning everyone!
Just wanted to get some insight from investors that have or are currently flipping and/or renting properties in 55+ communities in Arizona. I work with hundreds of investors across the state and a majority stay away from 55+ communities. The obvious con I see is that your target re-sell market is smaller and HOA's can be high with strict regulations. But what are some pros? Why do some investors prefer 55+ communities? Any feedback is greatly appreciated. Thank you.
Happy investing,
Your market for 55+ communities is people who are moving here to get out of a cold climate, not usally people who have lived here for a while. Keep in mind that communities like Sun CIty have a "community maintenance" fee (transfer fee) that has to be paid. I think it's in the $4,500 range.
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Ya they usually come with large transfer/capital improvement fees. Just trying to dig in to why some investors prefer to invest in 55+ communities. It's obviously a seasonal thing. More sales happen towards the end of summer, but some investors buy all year long.
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