HELP! Rental Condos as investments?

**eric99** · 04-06-2007, 12:33 AM

HELP! Rental Condos as investments?
My husband and I have been thinking of purchasing a couple of condos to rent out as an investment for us. Is this a good time to do this? We have been thinking about either Las Vegas, Scottsdale or South Florida, but are not sure if this is even a good time to jump into the market. We do not have strong real estate investing experience; our mortgages on our current homes have been paid off, and this would be a cash deal on our end.

Any advice would really be greatly appreciated. Are we better off purchasing properties in different states or all in the same city?

**TJ2007** · 04-06-2007, 08:29 AM

Well it's definitely a buyers market, though you still need to buy good properties in good areas that will rebound and stay strong in the long term.

Regarding whether you should keep in same area or not:

If it's for investment guess you should take note from the stock market - balance your portfolio!

There are 100's probably thousands of investors who are suffering right now. Just imagine if they had balanced their property portfolio a little better by buying a few properties in other countries too - they certainly would be feeling a lot better right now.

Yes it is much easier to rent yourself if they are all local. However there are so many deals all over the world that either offer professional management and guaranteed rental income or developers who will allow you to move from project to project at undermarket prices and keep the profits without having to deal with closing costs, mortgages or tenants.

DO NOT UNDERESTIMATE THE HASSLE AND LIABILITY OF DEALING WITH TENANTS YOURSELF!

But if it's Florida you want; we have several new developments from one of the top builders. Visit our site below for details...

**Codythebest** · 04-07-2007, 05:53 AM

Florida is touching bottom right now. Youmay go there and negociate a condo really deep!!
However, I would not recommend a real estate investment IF YOU ARE NOT ABLE TO CHECK WHAT'S GOING ON ...
Twice I have bought investment far away from where I was living, twice I got ripped off. Make sure you can have an eye on it.
You may try a strong buyer's market area and get the price down.
You see a condo for $100K
Ask if it is negociable, then ask what will be the least amount of money they'll take, then get 'dissapointed' , then ask if they can do better than that, do it again..and then make an offer with 5%-6% less than the very last price you got...just negociate down deep...Not working, move on to another one and re-do...than get back the the first one and try again...

**REbuyersgroup** · 04-07-2007, 09:28 AM

Bump to TJ. Although the US is the most stable economy in the developed world, there are many opportunities outside of our borders that are worth a look.

I am not promoting anything but the concept. Costa Rica for example is booming with ex-patriots who are moving there because of cost of living and taxes. Many love it. Turkey and other areas are HOT.

The investors who see the potential are leaving the US markes for the overseas opportunities.

Because of the increase on overseas investors, the US market has taken a hit.

Do your home work, find a reputable person to work with who can not just sell you, but educate you, you will fina a great property for long term investment.

Best of luck.