Condos as an Investment Property - The Good & The Bad

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🎙️ Episode 62 - Are condos a good investment? Joe DelGrosso owns 7 condos in Knoxville, Tennessee that provide big cash flow each month. He shares why he chose condo investing, what pitfalls to avoid, and how to pick the right condos to invest in.
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Опубликовано:

12 ноя 2020

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Комментарии : 83

@searchbug Год назад

Investment property is really a good passive income idea! But if you are gonna convert the condo into an apartment, make sure to always screen tenant first before letting them rent your property. You don't want your hard earned money go to waste, or on repairs caused by bad tenants. Check evictions, check criminal records, financial situation, and verify their identity just to make sure you are dealing with someone who is not a pain in the ass.

@DakotaStJohn-jl7jn 11 месяцев назад

How would you go about doing these things?

@searchbug 11 месяцев назад

@@DakotaStJohn-jl7jn Hi! We have identification and verification tools specifically designed for the real estate industry. Kindly get in touch with us to know how we can help you utilize them.

@zz5guy 10 месяцев назад

Condos have been very profitable for me in Iowa. The HOA is not your enemy. Everyone on the HOA wants affordable service and a nice place to live, just like you should.

@tay4950 2 года назад

Love this video! So helpful!

@michelleknits4u385 2 года назад

Good info, thank you

@genwe1894 2 года назад

Condo is not bad if you’re getting started. I’m in Los Angeles, and i invested in condos back in 2015. Worked out fine

@CoachChadCarson 2 года назад

great to hear! thanks for sharing your story.

@taramagee2494 Год назад

Always great content, looking to buy a 2 bedroom condo as a first investment. I think it is a good plan in order to just get in the market :)

@paralifetv-youreverydaywhe8314 2 года назад

Awesome information. I've been researching for the past 2-3 months on whether to add a condo to my rental portfolio. This helped!

@CoachChadCarson 2 года назад

Glad it was helpful! Good luck with your purchase.

@paralifetv-youreverydaywhe8314 2 года назад

@@CoachChadCarson Thanks. There's not much out there at the moment.. Actually there's nothing out there in my neck of the woods. Hopefully things will open up in the spring. Thanks again!

@victorresp 2 года назад

Thanks Coach, I enjoyed this one :)

@CoachChadCarson 2 года назад

Glad you enjoyed it! Nice to hear from you Victoria.

@ILUVGOLF 3 года назад

I did enjoy the clip, Carson! Thank you for producing it.

@CoachChadCarson 3 года назад

thank you!

@trueuno1 2 года назад

I own a duplex surrounded by condos. My duplex is the only building that is not part of the condo hoa. An investor offered two condos to me at a really great price, yet, I was not too sure about buying it. Now looking back I wish I would have. I might dive into condos someday.

@CoachChadCarson 2 года назад

Condos have pluses and minuses for sure. If HOA is well managed and relatively affordable it can make sense.

@quarantinedkerrs6766 2 года назад

@@CoachChadCarson is there a number of someone I can call? I just turned 18 I’m moldable I’m flexible I’m young I’m knowledgeable I have a drive to own and learn and earn. But there is no number to call and speak to someone who can answer serious questions. If you have any numbers of someone that can help. I will be a real estate owner. I will be the biggest. I just need someone to answer a few questions that videos won’t answer. Thank you very much!

@0xAndy Год назад

I feel numb and excited about this!

@sha9572 Год назад

Great vid

@Thevbrown005 3 года назад

My first investment may be a condo. I wish he would have went more into about studying the HOA.

@CoachChadCarson 3 года назад

thanks for the feedback. I'll plan to do more content on the future on just that topic of due diligence of your HOA. It's important.

@hudrovlogs2040 Год назад

W content 💯

@Wisdomseeker1028 5 месяцев назад

He didnt answer how much the rent is or how much the hoa fee is. All he said was the price of the condo. It would be helpful to see real numbers, including tax and insurance

@nickythao9344 3 года назад

Living in California real estate is expensive. Working a minimum wage job, it will take a long time to save up even for a down payment. I want to exactly do what he does, but my plan is to save 25% get a condo 2bd 1bd or more no less. Live in there until it’s paid off or lowering my debt to income ratio by raising my income. Then purchase more condos. My goal is to reach at least 2 rental while I live in a home. I also invest in the stock market too so my portfolio will be diversified with dividends.

@CoachChadCarson 3 года назад

This sounds like a solid plan. California narket is definitely challenging for so many people because prices are so high. I can see how condos would be more approachable. You may find some lower down payment programs (3.5% to 10%) that can help you get in sooner.

@michaeljenkins5700 2 года назад

This a late comment and I have no experience in real estate yet I do have a plan but if I were you why don’t u look into buying out of state it should speed up your process or when you buy your first condo rent out a room it’s not ideal but a start is better then anything

@rachels7252 2 года назад

This is a late comment but I purchased a condo in the Bay Area to live in with the intention of renting it out in a few years. The home values have increased substantially during the COVID pandemic but the rents in this area haven't increased in the same proportion. If I were to rent it out it now would break even right now or rent at a loss. I also lose the homestead exemption for property taxes if I rent it out since it's my primary residence now. If I bought it 10 to 20 years ago when prices were lower, it would have been worth it to rent it out but now not so much. The Bay Area area isn't landlord friendly and if I had to evict a bad tenant, it will cost a lot of legal fees. I'm going to buy more rental property (single family house or multi-unit) out of state - the Midwest and South is inexpensive (I already own a rental out-of-state). If you buy a condo, definitely check out the HOA. Some are terribly financially mismanaged and the HOA fees increase every year (mine has) and there are very little amenities (pool, gym, etc) for high HOA fees. Good luck!

@imnugget8085 Год назад

Hope ur saving

@samahnasser87 2 года назад

Now the hotels condo places in Orlando I want to get are around $250,000+. I am trying to punch in the numbers with the higher interest rate for the mortgage and the HOA fees and the property management fees. I have a hard time seeing myself profitable. All the fees maybe around 3-4 K. These vacation rentals only rent out for 150 a day. Is the market now a bad time to get a hotel condo?

@lynnsturtz5875 3 года назад

Hi Chad, With regard to this gentleman investing in the 7 condo's, do you know how he "holds" these properties? Are they in ONE LLC, or multiple LLC's, in a Trust, etc. Thanks

@CoachChadCarson 3 года назад

Lynn, I believe he is holding them in his personal name (at least at first) because he got traditional, 30-year mortgages which require that. Many investors start that way and later put their rentals into an LLC or multiple LLCs.

@connormarschall3370 2 года назад

Good vid

@CoachChadCarson 2 года назад

Thanks for watching!

@banginzaza Год назад

I'm starting to like condos for real bro.

@CoachChadCarson Год назад

What market?

@terrenceevans5423 Год назад

Hello I just bought a 1 br condo in full. It’s a great neighborhood and all, but it’s old (1970s). You can hear the neighbors upstairs when they walk. I am going to move. Should I rent it out, or sell it?

@RanchoPadilla87 2 года назад

I can't find the link for Joe DelGrosso's full interview. Would you still have this interview unloaded? Can you comment the link for me. Thank you Coach Carson, I started listening to you in 2017, you were the first RU-vid mentor I had in my real estate journey.

@CoachChadCarson 2 года назад

Here is interview: www.coachcarson.com/7-condos-5-years/ And thank you for following along! I am honored that you found my videos helpful

@RanchoPadilla87 2 года назад

@@CoachChadCarson thank you Coach Carson!

@Tricia2023 Год назад

I’m wanting to buy a 2 /2 in florida im in the process now my mortgage with hoa fees would be $1500 a month I can turn around and rent it out today for 2100 a month easy but I wonder if it is going to be hard to rent it out when it’s a 55 and over complex ? This will be my first purchase ever but it’s in a great area and it’s only 5 miles from the beach 🏝️ I’m just really nervous 😮 lol Never done this before !

@johnvill1981 Год назад

Will you buy a condo in Cebu Philippines?

@ASH-se6kr Год назад

I’m looking for a Condo to buy , but since I have no experience I wanna ask how much I can make monthly clear if I’m renting it ?if hire property management and gross monthly income is about 1500$? I wanna know what the expenses ,thx

@CoachChadCarson Год назад

The main expenses you'll need to figure out are HOA/condo fees, taxes, insurance, management fees, maintenance/repairs, and vacancy (for when rental is empty - maybe 5% or so), and your mortgage. Once you estimate all of those you can make sure the rent covers all of them plus a cash flow.

@ASH-se6kr Год назад

@@CoachChadCarson tbh if we buy condo it wd be all cash no mortgage,so in bronx NYC whet you think is average rent three and how much maintenance monthly ?thx

@asianinvestor15 3 года назад

I wonder where is his property rental investment didnt mention in the video

@CoachChadCarson 3 года назад

They are in Knoxville, Tennessee. He talks more about the parts of town where they are in the full podcast interview if you're interested.

@adanam6377 3 года назад

Condos HOA are the most risk. They have too much conol. Condos don't appreciate much and the fees affects the owner and future buyers and it can impact financing debt to income ratio of the buyer. If you have an option for single family or multi-family is better.

@CoachChadCarson 3 года назад

I prefer SFH and Multifamily as well. I do know people how have done great with certain condos though.

@deaniven8822 2 года назад

Get on the HOA Board then you have control.

@stanmoney8470 3 месяца назад

I was interested in buying a condo, then I start hearing about how the HOA has a lot of control. Some only allow a certain amount of owners to rent.

@cgstory325 2 года назад

Does Joe Delgrosso have social media?

@stanmoney8470 Год назад

With real estate can't you always go outside of your market in purchase out of town?

@CoachChadCarson Год назад

Yes you can. It just takes some work to study the market and put together a team.

@jenrai9469 2 года назад

How do you file taxes? Do you have an LLC

@dlg0120 2 года назад

yes get an EIN ON YOUR LLC AND U CAN CLAIM EVERYTHING!!!!! TAXES ARE KILLING THE MIDDLE CLASS U GOTTA DO WHAT U GOTTA DO!!!

@aseasonedveteran5915 3 года назад

Is the AOA or HOA deductible a business expense?

@CoachChadCarson 3 года назад

Ask your CPA as well, but when I've had HOA fees on rental properties, yes it has been deductible. It's just an expense like taxes and insurance.

@patkeating97 Месяц назад

200K? Wow. This is not Boston!

@2564eva 3 года назад

Morning coach

@CoachChadCarson 3 года назад

Rise and shine ;)

@2564eva 3 года назад

@@CoachChadCarson 0541 i woke up late

@jd1671 2 года назад

What formulas should I look at in order to determine if I should rent out my condo or sell it? I bought it for 83k, own it free and clear, hoa is 417/month and I could probably rent out for 1200. I would use a property management company. I could probably sell it for at least 220k. Thoughts? Or other info required?

@deaniven8822 2 года назад

1% rule. If worth $220,000, your rent should be $2,200 per month. If not, sell.

@Bane92 2 года назад

@@deaniven8822 we have a 3 room 2 bath condo for 400k but our mortgage is $800. Hoa $400 …1% is 4k a month but we rent it for $2500. Should we sell here?

@deaniven8822 2 года назад

@@Bane92 Can you make more money elsewhere in your market? With allowances for expenses, if you clear $1,000 per month, that’s $12,000 per year, divide by $400,000 = 3% return. Look at 1031 if you do sell. Also, rents are going up. Is the condo appreciating? Is it in a great area? Will it be for the long term? Many factors to consider but just to sell and put your money in the bank not a good option either.

@cindybrown9898 3 года назад

humble brag we have 7 condos

@CoachChadCarson 3 года назад

🔥🙌 That's awesome!! Thanks for sharing, and congratulations. Keep rolling!

@TClair413 10 месяцев назад

How do you vet the HOA boards for your different condos?

@nick6497 Год назад

The cheapest condo in my area is 289,000

@CoachChadCarson Год назад

Where do you live?

@nick6497 Год назад

@@CoachChadCarson Ontario , Canada 🇨🇦

@SupremeNKickz Год назад

100-200K condos haha. Comical for us in the LA market

@CoachChadCarson Год назад

Yep. Every market has its baseline. LA price-to-rent ratios are tough. Have to go further out or accept less cash flow

@patriciakeats1621 Год назад

@@CoachChadCarson I’m hoping to be in that very market…$195,000.00 in a small, but growing town in Canada. Wish me luck!!! I won’t know if I can afford until this tax season is done.😊😮

@Rflows100 6 месяцев назад

So sad for one to promote interest and debts as a way to gain financial freedom instead of providing something of real value. This is sewer type economics, wherein you bust yourself so hard just to earn a tiny fraction of what is already promised to you in full by The Creator. As one in this situation is convinced that this is a sure fire way to make money. However they soon come to find out its a trap, as they have to constantly trouble themselves with justifying their action, so in this the only way out is to convince others that this is a justifiable way to garner income in hopes that you yourself will believe it eventually so as to get into the market of teaching. Its merely an idol at this point to promote cheap knowledge and further the tomoltous cycle of greed at the expense of future generations. Always rememeber King Yeshua reigns!

@thejomah 2 года назад

PLEASE STOP BUYING PROPERTY I NEED TO LIIIIVE

@CoachChadCarson 2 года назад

Where are you trying to buy property? Just curious.

@sinebar 2 года назад

The federal government needs to step in and put a stop to all this buying up homes and then renting them out. This is one of the reason for the housing shortage. If investors want rental property they should be restricted to apartment buildings only.