Lets talk Retirement Communities

[Account Closed]

Has anyone tried investing in retirement/age restricted communities? I have a few in my market and I accidentally mailed to one. I got a huge response, which was interesting and got me thinking... I was thinking of creating a little niche here. Either to buy, rehab and sell. OR buy as rentals.

Any thoughts?

Potential downsides- the HOA is about $200 higher then your typical condo community. Might be harder to sell. Any others?

Potential upside- Not as many people going after it. Tenants occupy for a really long time and are usually pretty low maintenance.

[Raymond B.]

Lauren Hardy,
I'm familiar with an age restricted Condo community.

Remember, the only people that can purchase in that community, are those that qualify.
In some of those communities, they do NOT allow rentals, or have rental restrictions.
One I'm familiar with:
You have to own the unit one year before you can rent it out.
2 rental options: Rent for 3 months or One Year, and one of the Occupants has to be at least 55. This is in Florida.

#1 Beginning January 1st, 2011 every single day more than 10,000 Baby Boomers will reach the age of 65. That is going to keep happening every single day for the next 19 years. (2030)

I found that statement in this article:

http://endoftheamericandream.com/archives/in-2011-the-baby-boomers-start-to-turn-65-16-statistics-about-the-coming-retirement-crisis-that-will-drop-your-jaw

Raymond