Kurt Thomas

I was a Property Manager for investors for 5 years before going into sales full time. I simply suggest speaking with a few Property Managers in the area that have properties under his/her care. I remember some of our investors buying homes that they would like but did not take into concideration that they were buying off of their own emotion instead of looking at it as an investment. Make sure Location is a priority, be sure your agent that represents you requests all details and financials on the HOA. Also look ahead and see what the renter to owner occupied ratio is. If it is full of renters, you may have a hard time selling in once you are ready to realize the appreciation from the home. FHA currently has some restrictions on the renter to owner occupied ratio and in my experiance most buyers in the average condo price range utilize an FHA insured mortgage to purchase the property.
Most of all I suggest buying a single family home over a condo though, they seem to appreciate and rent out faster than a condo/town home. At least in my experiance.
Good luck to you. - Thu Sep 10 2009, 11:40