All Forum Posts by: Tom Carmody

@Don Rotanz Did you have to purchase your condo-tels with all cash?  I have found they are difficult to finance so that is why I ask. I do agree with you being able to simply collect and no do much. Another question I had however is, when/if you ever decide to sell, do you believe they are harder to sell due to it basically having to sell to another investor looking for this and not someone looking for full time living space? I feel as if it would be hard to sell and that cash would be locked up for some time. Thanks in advance. 

@Laura Williams that is a great question and I failed to mention it. For this one in particular, I would've still owed HOA's. They also said that anything within the walls of my unit would be on me... such as broken sink handle, refrigerator, etc. However, they would actually handle things like plumbing pipes, towels for that pool, laundry, and some others. Hope that helps. I hear many of these are different however so I think doing homework on each is important. This was my first time looking at one and it sounds like many buildings have their own rules.

@Greg Gaudet thanks for your reply. I agree with you and this one won’t let me self manage. There were simply too many things about this particular one I do not like so I’m staying away. Have learned a lot however and thanks again.

@Laura Williams I did this and received a few months of rent rolls. Certainly profitable during the months they sent but the Congo-tel gets 60% of the revenue and owner gets 40%. Furthermore, I could never sell it to someone looking to live there down the road, as it must always stay a rental. So, I’m going to stay away from this particular one. Have learned a lot and would be interested later at others. Thanks for your reply!

@Cassandra Cowen I agree with what @Stuart Hemmes said as I’ve seen Neal Bawa speak at an RE summit. Disclaimer: I’m a newer investor also... Something I have learned and looking more into is that you want to look at cities with high job growth and a steady decrease in crime rate for about a 5 year period or so. Good luck!

@Jason Gines understood and very great info. I did get the rent rolls on a few of the month but not all. Looked good but it was peak season. I think it’s hard to sell them later also because oh need to find someone willing to do the same and NOT live there. So, people retiring to Florida would essentially be out. Again, I really appreciate your responses. Have a great day Jason

@Jason Gines

Thanks Jason. That’s what it sounds like. The one pro I see is it’s pretty hand off and can still make a profit. I’m thinking it might be tough to sell down the road also however. Appreciate your insight. Thanks again

I’m newer to investing and came across a condo for sale in Florida which apparently is a “condo-hotel.” My understanding is that the building will rent this out for you and take a percentage. Does anyone know both the pros and cons of this type of investment? Thanks!

@Alex Jones I want to be able to make money while having the ability to spend more time with my family and friends.