You and the condo will have to be approved. This is called "warrantability." If the condo proves to be non-warrantable, then the overall loan will be denied.
For more info on condos, give me a quick call. No hard sell, just info.
Ray R. Stevens
GSF Mortgage Corporation
Branch NMLS #1122003
Personally for investment I would only consider units that allow weekly rentals or less. Since this will give you the most opportunity to rent to vacationers. Yes its more work renting the units arranging cleaning and checking people in and out but the return on investment is typically higher than if you only rent per month or longer.
I am a real estate investor myself and have been a local since 1984. I know the Daytona Beach market inside and out, and can help you in your search and answer any more questions you have about investing in condos in Daytona Beach. Feel free to call or email me.
J Byron Hebert
321-296-8000 direct line
EXIT Real Estate Property Solutions
On the expense side Condo's mainteneance fees vary between 300-550/mo. Some include utilites and others do not calculate accordinly. Also you want to figure your annual taxes and property insurance.
If you would like some assistance in finding an investment that makes sense for you life style don't hesitate to contact me for assistance.
There are so many factors to weigh in on when considering investment property...especially a condo option. First and foremost is price and location. Smart buyers are able to identify a highly desirable location, one that attracts visitors during more than January - April and one that doesn't cost a fortune.
With this accomplished, the next hurdle is accounting for the expenses associated with living in the unit. What are the HOA fees, are there other hidden costs, what is the condition of the complex, are there any future major assessments, are there vacancy issues, is the complex financially stable, etc. etc.
The cleaning, management, and service related pieces are fairly easily take care of as a good management company will step up to the plate and account for them-for a fee of course. One of today's darkest clouds associated with owning waterfront property is the cost of insurance. There is so much uncertainty today with flood insurance and it's future that many buyers are taking the "wait and see" position to make sure this issue doesn't become a "nightmare!"
Hope this is helpful,
My website http://www.buyhomesindaytona.com/