Calling a management company saved me a lot of grief

[Brent Bowers]

I had a contract on a unit in Cocoa Florida at $13,500. A friend was going to loan me 100% of the purchase price at 6% with no points. There was no rehab needed besides a good cleaning. It would have rented anywhere from $500-650 a month. It is less than 1/2 a mile from Eastern Florida State College and would pay for itself in less than 5 years. During my due diligence I could not get the on site management company to call me back. I decided to start calling local management companies in the immediate area and they told me how difficult it is to get through the HOA, application process, parking and a few other things. It seemed like it would be a nightmare to get a tenant into the unit. This is when I decided to back out of the deal. I'm not willing to be an absente owner and have the place sit vacant. If I lived closer I could possibly do the management myself and get it rented. I am very happy I called the management companies and feel that they are the people who are in the know and can be a vital asset to what is going on in the community. Also, they can tell you what something will rent for and how hard/easy it would be to get it rented. I'll definitely follow up with a thank you note to these people. If anyone is curious the apartment is located at 1711 Dixon Blvd. Unit 209 Cocoa Fl. 32922