Sun, May 11, 2008
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Houses, Condos, Vacation Rentals |
mlawre
42 Posts
Member Since: 05/07/2003
Dallas, TX
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Posted: 22:37 on 05-08-2008
I am interested in opinions from landlords about which type of property they think are generally better investments: houses or condos.
I had modest lines of credit in the beginning and had to start out with condos because they were cheaper. I've become comfortable with these types of properties and have never purchased a house to rent. However, with HOAs I bearly cover PITIs (with 15-yr notes) after management fees and maintenance. I don't see the value of the properties going up much compared to what I see in the houses.
On the other hand, with a property manager and HOAs managing the properties, I only get called about 4-5 times a year with issues that I personally have to deal with. This is very nice.
Lastly, any opinions on vacations rentals? It's been a fantasy of mine to own one. You know, one that you could book for your family but rent out the rest of the year. I'm just wonder if they are in general harder to get ahead with the high turnover/less predicatable occupancy.
Cheers
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ITBInvestor
81 Posts
Member Since: 09/07/2005
Holly Springs, NC
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Posted: 16:56 on 05-11-2008
I looked into this on the NC and SC coast. HOA/Mgmt fees were so considerable that I decided not to pursue the idea any further. For me, it remains a fantasy. I will continue to rent (for that maybe one week a year) at the coast... and not jeopardize my portfolio with a negative cash flow vacation rental.
Condos vs. houses? I prefer houses, but have both.
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