Congratulations on considering buying a condo for investment purposes.
If you have any further questions or if I can assist you in anyway, please contact me.
RE/MAX College Park Realty
140 Linden Avenue, #280
Long Beach, CA 90802
As mentioned by the other Realtors here, the answer depends on the operating rules and CC&Rs of the association. I agree 100% with Monica, it is also really, really important to make sure the condo complex is (a) solvent, and (b) eligible for FHA financing. As she says, even if you do not want to use FHA financing, more than 50% of buyers are now using FHA financing. So when it is time to sell, you will have a much larger pool of potential buyers. There is an old saying in real estate, "You make money when you buy, not when you sell." Basically, it means buy right and you minimize your problems in the future. Kind of akin to the business axiom of buy low, sell high.
As in any purchase, I recommend that you be approved for a loan so you know what your purchase options are. I am associated with Mark1Mortgage and we have 30+ banks that we work with. I am sure we can meet or beat any deal you currently have.
ERA Buy America Real Estate
Since this is going to be a rental you also should think ahead and preserve the ability to sell. Exposure to the max amount of buyers is important which means making sure the unit will qualify for FHA financing. FHA buyers are the largest group of buyers in the market right now and may continue to be so depending on the market. In order for a buyer to use FHA financing the HOA needs to meet a minimum standard of financial solvency and a low ratio of rentals vs owner occupied units.
Good luck Steve445
Bankers Realty Exclusive, Inc
Like the other agents stated, it depends on the CC&R of that building. Long Beach has many options and right now the prices are extremely low. I actually just got a new listing in for 230K. 2bed/2bath that can be rented,renovated,. and it's in a great neighborhood. It would be best for you to work with a Realtor that can get you the most up to date information about the properties you are interested in. Please feel free to contact me at anytime. Good luck!!!!
Melissa McCrone Seidel
Anyway, best of luck!
Main Street Realtors