bdiguiseppi, Home Buyer in Centennial, CO

Are rental rates high enough and mortgage rates low enough to profit from condo investment property?

Asked by bdiguiseppi, Centennial, CO Fri May 17, 2013

Are rental rates high enough and mortgage rates (plus condo fees, utilities, taxes) low enough to profit from condo investment property? Interested in buying a condo now, to occupy in 5-10 years. Want to know if I can profit from renting it until I'm ready to move in after retirement.

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Answers

4
Bdiguiseppi,

I live in the Centennial area and know many people that have purchased condos to rent and it can work well. The interest rates are low, rental inventory is low therefore it would be hard to go wrong with a condo purchase. The trick is purchasing for the best price possible such as a short sale or bank owned property. Let me know if I can help you in any way.

Katrina Nail
Metro Brokers, Gordon Properties, Inc.
720-933-7078
http://www.KatrinaNail.com
0 votes Thank Flag Link Wed May 29, 2013
Bdiguiseppi,

In general I would say absolutely!! But to define it further I would say it all depends on the purchase and the area how much it will benefit you. I have other investors that are doing just what you have mentioned here. Some to live in down the road and others to sell down the road for what would seem to be a nice profit. I work in Denver primarily, but from what I have seen in Aurora South and Centennial area it looks like it would work there as well. It is more about the purchase price than the interst rates; although there are good rates now as well. You could look to put 25-30% down on a condo investment property. Let me know if I can help.

Robert McGuire
Broker/Consultant
Your Castle Realestate
http://about.me/robertmcguire33
0 votes Thank Flag Link Fri May 17, 2013
It depends....It depends on how much you're planning on putting down. It depends on whether you plan on hiring a mangement company. And it depends if you plan on doing your own repairs/improvements when things break.

Obviously...the more you put down, the lower your payment will be. It's definitely possible to have positive cash flow in this environment. You just have to be careful about your costs.
0 votes Thank Flag Link Fri May 17, 2013
Depending on location, price, and amount down - rates are low, and the equity build up over 5-10 years could put you in a great position to buy now! I just bought a condo in Centennial myself. Please give me a call if you'd like me to help you with a purchase!

Cheers,
Karen Gustafson
Brokers Guild Cherry Creek Ltd.
303-514-0818
Karen@TheHomeCart.com
0 votes Thank Flag Link Fri May 17, 2013
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