Jay Honeck
Touchdown! Greaser!
I've owned commercial properties and rentals since 2002.
The only immutable rule of thumb? Do not, not, NOT invest in condos as rentals.
As it turns out, you own nothing when you buy a condo. Every condo owner in our area lost everything after Hurricane Harvey, because they were completely unable to repair their unit(s) after the building was damaged or destroyed. The property management companies took all those monthly fees (that they were supposed to be using to pay for insurance, among other things) and spent them on hookers and blow -- and that meant that after the hurricane they could do NOTHING for 18 months or more -- if ever.
By that time, the people who were living in the condos were homeless. The people who had bought them as investments had lost everything. It was a financial bloodbath that is still going on -- there are class action lawsuits working their way through the system.
Otherwise, rental properties are a great way to make a living! lol
The only immutable rule of thumb? Do not, not, NOT invest in condos as rentals.
As it turns out, you own nothing when you buy a condo. Every condo owner in our area lost everything after Hurricane Harvey, because they were completely unable to repair their unit(s) after the building was damaged or destroyed. The property management companies took all those monthly fees (that they were supposed to be using to pay for insurance, among other things) and spent them on hookers and blow -- and that meant that after the hurricane they could do NOTHING for 18 months or more -- if ever.
By that time, the people who were living in the condos were homeless. The people who had bought them as investments had lost everything. It was a financial bloodbath that is still going on -- there are class action lawsuits working their way through the system.
Otherwise, rental properties are a great way to make a living! lol