Closed on those two condos I was looking at today..

[from zero]

Ft Lauderdale here.... No, they don't need any work on them. . that was just a crack regarding my recent contractor nightmare. It was from the settlement I got that I purchased these two. So, sort of an inside joke.

Sweet! Gimme a free condo then!

 

[Y_lifter]

When you say "WOOD" working skills, you're talking about
carpentry stuff right ?

 

[gtrcivic]

Congrats man.. Those are some low prices for the Condos you got in Florida.. 750 sq ft condo up here goes for $180K 3 miles from the District line..... Sis just bought a 1100 2 bed for $270K..So damn expensive around here.

 

[MattTheSkywalker]

MAck

In S Florida, 4 miles is not considered "close to the beach"


AAP -

I am surprised you bought these. Seems you'd be better with one property in the 200K range if you are looking at rentals.

If they were 51K to buy, you're not going to get a lot in rent, and by owning 2, your maintenance costs double.

Good luck though.

 

[AAP]

I am looking into Ft. Lauderdale as well. I love that place. These are one bedroom condos I am assuming b/c 51k seems like a great price for being so close to the beach. How did you find them, realitor or online? Also, do they rent out quickly?

No, 2 bedrooms, 2 baths. They are 4 miles from the beach... the reason they are so cheap. The other two I bought were closer to the beach, hence the reason they were more expensive and needed more work. And that was 2.5 years ago.

 

[curling]

Matt,

I live in Texas and I buy property from 30k to 70k in price and I average about 15 to 17% after taxes and insurance.

 

[AAP]

MAck

In S Florida, 4 miles is not considered "close to the beach"


AAP -

I am surprised you bought these. Seems you'd be better with one property in the 200K range if you are looking at rentals.

If they were 51K to buy, you're not going to get a lot in rent, and by owning 2, your maintenance costs double.

Good luck though.

You are right about the beach part location...

However, these condos already have tenants living in them. Rent is $800 per month. And I have no mortgage. The maintenance fee each month is (ready for this?) $115 per month. That includes water, cable, garbage and insurance.

This is basically something I bought because #1) It needed no work at all. #2) They are less than 10 years old. #3) I just want to sit on them for 2-3 years and draw a profit when I sell.

I am *hoping* that in 2 years they have appreciated enough that I make $25K off each one selling. If I can, that along with the estimate $240 that I make off my other one (the combined units), I am going to invest in the new highrise that the Le'Herimitage developers are building. That sits directly on the beach.

 

[MattTheSkywalker]

nice work! good luck

 

[curling]

$800 per tenant or $800 for both?

 

[Bullit]

Rent is $800 per month.

WTF????

People are paying $800/mo to live in a $50k condo?????
If they can afford 800/mo then they could afford to pay mortgage on a $100k condo so WTF are they renting for?

Thats either some bullshit, or some wack economics.