All Forum Posts by: Victor Gonzalez

Bill,

That makes good sense too. 

Right now the cap rate is 12% after the HOA,taxes fees etc.

We are considering only holding it for one or 2 years unless the market keeps climbing. But we are also thinking to flip as well...

Tom 

Thank you for your view,  I have done my due diligence and have a condo attorney reviewing all Docs. Inspection came out great...FYI this condo was 90k when the market spiked and like 80% of the properties down here lots of people under water and getting out, which creates a good opportunity.  Renters..well I'm looking for a specific type of renter for example I'm 57 and my wife is 60 we run 3 miles and work out regularly and not retired.  55+ doesn't necessarily mean nursing home lol.. In saying that I do agree with you on the board minutes and vetting properly.  

 I do rather rent to a 57 year old couple than 24-30 year old family. I've been on both sides of the isle and like everything else anything could happen...The numbers work I'm getting a great cap rate etc...once again thank you. 

 Sunita - Yes I agree with you and thank you for that answer.  I'm in West palm beach.

 Yes you have to be 55 to buy it and to live there.  You have to do your due diligence,  in this case you are allowed to lease it once a year immediately .. Some units you have to wait 1 to 2 years which wouldn't be good investments.

Hello - I am about to close on a small Condo that can be leased immediately.  Its on a 55 and older community and the numbers work real well.  I've always thought about this in the past.  I feel that in Florida there is a market (nitch) for this type of business.  Anyway its a 1 bedroom 2 bath unit that needs about $1500 in re-hab.  Paying cash 39k for it. Rent comps are $775 - $1000 per month. This Unit expenses are $405 a month and looks like it will rent for $850.  In any event I like to get familiar with it and learn more  ...then eventually my plans are to buy 2 more in the next year and so on..Unless the market spikes I like to keep and rent other than flip...

Any thoughts for a new investor?