Pros and cons of condos

[Patrick Dotson]

Hello all,
I'm curious to know some of the pros and cons of investing in a condo. I dont have a strong understanding on "delinquent condo fees" and how that plays a factor in investing in a condo. I understand that FHA will not finance with delinquent condo fees, however, if the investor pays to update the delinquency wouldn't that make for a great deal?

[Ibrahim Hughes]

Another BIG negative - FHA approval. You have to check FHA's database to make sure that the development itself has been approved by the FHA or else no FHA financing which (obviously) negatively affects the market value of the condos within the development. Even if its is FHA approved you will want to know when it expires and whether or not they will be seeking 're-certification' before it expires.