Condos are a total nightmare avoid them if you can every few years I get a huge bill for repairs the work is usually low quality ill never buy another condo
Yes, this happened to a friend. There were no reserves for roof repair, so suddenly everyone had to cough up $12K. Ridiculous mismanagement of funds. I'll never buy one.
Are condos a good investment? Not In Florida, unless the weather has changed. in 2023 there was 8 hurricane in the state Florida and an uncountable amount of tornatos. All the rest of what was said by this guy is pointless. Weather is the number one issue in Florida.
I don't know no other honest real-estate agent but you Michael. We appreciate you always. Thank you, for all the advices and experience you share with us.
Another point: obtain a copy of the covenants, bylaws, restrictions e.g. HOA rules and pay a real estate lawyer a couple of hundred bucks to read and advise.
Hey 👋 good channel Question in a condo do you get the privacy, do you hear noise, is leaking flooding common from roof or other tenants, insurance and does hoa respond quickly to issues and can they raise hoa any time ?
Another great video Mike. Seems the last generations are flipping to newer and younger owners/investors. Are special assessments out of control due to lack of maintenance, neglect, forced by regulation, etc.?
@@stanmoney8470 I don't like them because of the monthly HOA fees that must be paid out of the rental income. They also complicate the buy / sell / hold process. I won't touch them.
@@russcali4138 so there monthly, wow! Thanks for informing me. I'm considering townhome or Condo for an investment property. Looking to rent one out in the near future.
Wrong… I have multiple condo units and I typically operate at a 50-70% premium… meaning I make just under double rental. It’s basically the same premium I have on other types of rental property. I swear this guy is not an investor. Everything he says is that of a simp
