Looking to learn a bit about real estate and buying condos/apartments. Does anyone have some good resources or advice on what to do and what not to do? Any good websites, blogs, YouTube channels, etc? Thanks in advance!
Buying condos as an investor is a risky, risky game unless you have serious cash. Those management/HOA fees destroy any profit margin you might be trying to make, plus the resale on those things is very hit or miss.
I'm familiar with the Houston market but not Miami but as I understand it the Miami market is flooded with condos (with the HOA and "special assessments" posters mentioned above), i'd at least consider a single family home as well.
Didn't Miami have a huge bust on the condo market. That could mean you are buying cheap, but could also mean you get stuck. To tag on to the hoa stuff - Also consider the rules on selling. Some have a wait list on units for sale. So you may get restricted
Miami definitely did have a condo bust. Huge, huge one. Look at a townhouse, man. Or just make sure the condo HOA is under $250. The rise of sites like Airbnb is reshaping the strategy a bit. You can do some damage there if you have a high-end place and a crew/furniture in place to keep the place in good shape. But a lot of HOA's restrict it.
DO IT! you will make profit! when I moved from home I bought a condo. lived in it for three years then I bought my House. I have been renting my condo for nearly three years now...
Condos are more long term than houses if you're looking to resell. If you don't mind being a landlord, you might find success but obviously $ will flow in much slower
Thanks a lot for the insights guys. Yeah there are a lot of relatively new (2005 and newer) condos available in Miami these days. The HOA fees downtown average around $400-650 though.
So over the course of 10 years, considering stuff will break, you're looking at least $75,000 taken out of your margin (conservative), not including any upgrades, repaired carpets/paint, cleaning, fees to 3rd party companies. It's rough but it can work. Just make sure everything around it is going up in value or a good value and cross your fingers. And see how often they raise the HOA. Some of those SOB's raise it every year.
