Steve Burkha…, Home Buyer in Wilmington, NC

I am looking to buy a condo I can easily rent out and use the investment for cash flow. Anyone out there have any good thoughts on this? Thanks and I

Asked by Steve Burkhardt, Wilmington, NC Mon Aug 9, 2010

can also be reached at Steve4Jazz@aol.com

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There are numerous condo units now listed for sale in the Wilmington market. You'd have to determine the rental history of each situation to make a judgement as to the investment/rental potential. Probably, those closer to the ocean or intracoastal have the highest potential of being rented out during the summer months.
0 votes Thank Flag Link Sat Aug 14, 2010
Be aware of any HOA problems, lawsuits and/or pending assessments as these can make or break the rental and sale potential as well as overall value. Catching one of the bank owned deals around town will also greatly increase your initial return on investment and your future equity when resold. Feel free to call, text or email me anytime with questions or concerns on investment properties & bank owned/foreclosed homes/condos. Chris Hoskins 910-619-6174 or choskins@intracoastalrealty.com
0 votes Thank Flag Link Mon Aug 9, 2010
For an Investment, cash flow is the name of the game. The best way to start cash flowing early is by picking up distressed properties. There are some really awesome deals available for anyone in your situation. You can even beat builder prices if you know what to do. I would be more than happy to point you in the right direction, just shoot me an email at JenningsJohnson@kw.com.
0 votes Thank Flag Link Mon Aug 9, 2010
Steve,

Try to make it atleast 3 bedrooms and 2 baths. Near the hospital is good for getting reliable tenants. Also, low HOA dues make the price point marketable. Low HOA means low on amenities. You can see a bunch of neighborhoods on the website. Under the amenities column pick ones that have few--especially a pool.
http://www.focusmattersrealty.com/communities.php

Best,
Mike
0 votes Thank Flag Link Mon Aug 9, 2010
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