Condos and renting ...
 
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Condos and renting them out  

 

Mayerslayer
(@Mayerslayer)
Active Member
Joined: 7 years ago
Posts: 16
June 1, 2014 7:08 pm  

Hi
I'm looking to purchase a couple of decent condos in STT. I want to live in one and rent the other one out. Does anyone know if it would be better to have regular tenants in one, or just rent to tourists?
I have a little capital and would love to make my investment work so I don't have to anymore. If I could get rent on my other property it would pay for the hoa fees on both.
Just asking
Thanks


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East Ender
(@east-ender)
Expert
Joined: 16 years ago
Posts: 5383
June 1, 2014 7:22 pm  

You need to speak with a realtor familiar with condos. The rules and regs vary greatly among the various homeowner's associations. Some will allow you to rent short term and some will not.

One quick thought though...tourists will use electricity like it is free (because it is, to them) and long term renters will be cautious, since they are paying...


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dabb21
(@dabb21)
Advanced Member
Joined: 8 years ago
Posts: 71
June 1, 2014 7:59 pm  

what part of the island are you looking to buy on and when are you trying to move?


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Mayerslayer
(@Mayerslayer)
Active Member
Joined: 7 years ago
Posts: 16
June 1, 2014 10:53 pm  

We are looking to buy on the east side and we are going to start looking in august/September


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Ericw
(@Ericw)
Advanced Member
Joined: 10 years ago
Posts: 277
June 3, 2014 6:07 pm  

It may be better for you to purchase a single family home that has an attached or detached rental unit. Very common down here. The assessments alone on 2 condos would probably eat up any profit you'll make renting one out.


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Alana33
(@Alana33)
Expert
Joined: 9 years ago
Posts: 12288
June 3, 2014 11:18 pm  

How much are you willing to pay?
Consider the mortgage plus monthly condo fees/insurance?
Decent condos all have varying fees and assessments.
It depends on what you wish and what you are willing to settle for in you price range.


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