All Forum Posts by: Fred Conway

regardless of the breed, let's say a situation does occur, renter's dog mauls a child, dog owners get sued, why would it matter if it happened on my property or the neighbors, it's not my dog and I have an LLC?

Isn't that an issue to be taken up with the dog's owner, instead of the property owner? Renter's insurance?

hey ror,

If all you're looking for is to cover some costs and mostly use it for personal use, you shouldn't have a problem doing that as long as its in a desireable area, which is anywhere within walking distance of the beach. Going further from the beach would increase your risk but also decrease costs. Baytown is off the beach but a desireable area and relatively cheap. Safe bet is to find something you'd want to stay in and more than likely others will as well. If you're buying a condo, be careful with those HOA costs, some charge close to 1k a month.

Does it matter if the property was previously an apartment complex that has been converted to condos?

thank you Andreas and everybody else. This is one of the reasons i really love the BP community. 

@Andy Mirza Thanks for the response and your insight. The purpose is buy and hold. What would a healthy HOA look like in terms of finance. Obviously, plenty of reserves but 75% is a number you through out there, 75% of what? Sorry if that's a stupid question.

Hey all, 

long story short, i'm looking to buy my first condo, HOA is $300 a month, the #s make sense but as I've heard, HOA's can make any deal go bad with rules and requests. What questions I should be asking for buying a condo with an HOA. Obviously I need to understand what the HOA covers as far as insurance, cable, water, etc, but what do I need to know about occupation rates and who's on the HOA board, etc?

Thanks

@Dave Bingham thanks for answering my question, that's what I was looking for.

Like others have said, the HOA fees and some of the other expenses can take away from the profits. In my opinion, if you can find an area like the panhandle of FL or Orlando that you know can command decent rents, it can be worth it depending on your goals. The positive is you don't have to really worry about tenants not paying because you can get that money upfront, along with access to their credit card in case there are any serious damages. Some condos can command as much as 3-4k a week but you'll have to take advantage of peak season because there may not be much demand in winter months.

@Dave Bingham what is your thought process behind the gentrification of seminole heights? How fast do you see it happening and what do you think it looks like in 5-10 years?

@James Park some of these historical numbers you discussed, where are you getting these from? I'd love to check them out. Also, have you considered Florida? Has half the property taxes of Texas, no income tax and insurance isn't too bad if you're not in a flood zone.