Condos and renting ...
 
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Condos and renting them out

 
Mayerslayer
(@Mayerslayer)
Active Member

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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Topic starter Posted : June 1, 2014 7:08 pm
East Ender
(@east-ender)
Expert

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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Posted : June 1, 2014 7:22 pm
dabb21
(@dabb21)
Advanced Member

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

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Posted : June 1, 2014 7:59 pm
Mayerslayer
(@Mayerslayer)
Active Member

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

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Topic starter Posted : June 1, 2014 10:53 pm
Ericw
(@Ericw)
Advanced Member

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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Posted : June 3, 2014 6:07 pm
Alana33
(@alana33)
Expert

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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Posted : June 3, 2014 11:18 pm
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