I would think its only exterior repairs. If you toilet clogs up or you need to paint, that will be your responsibility. There are other threads discussion condos, you might search for some of those. The HOA fees can end up making expenses go above the 50% predicted. I certainly would not make any more optimistic assumptions than that. HOAs can sometimes have rules about renting units. Be sure you understand those. Projects can become "nonwarrantable" if too many units are non-owner occupied or if too many units are owned by the same person or entity. That can make financing difficult.

Make sure the HOA is in good financial standing ... no pending lawsuits, no special assessments, plenty of money in reserves, etc.

"The monthly fee is $130 and covers exterior M+R as well as insurance." That "insurance" is to cover the HOA; you will probably still need to get a policy for your own protection.

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Updated over 15 years ago, 07/01/2009

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Posts: 8
Votes

Chris OToolePoster

Real Estate Investor
Bayou Vista, TX

Real Estate Deal Analysis & Advice

Condo Deal???

Chris OToolePoster

Real Estate Investor
Bayou Vista, TX

Posted June 30, 2009 14:50

I found a move in ready condo in Houston for 19K. It is a 3/2.5 that is empty but the seller has several leads for a renter at $750 (it will rent quick... I am not worried about that). All of my deals to date have been SFR so I am looking for some advice on things to look for unique to condos. The monthly fee is $130 and covers exterior M+R as well as insurance.

Chris

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