Noel, Both Buyer and Seller in Denver, CO

Does anyone have an idea about the rental market in this area?

Asked by Noel, Denver, CO Tue Aug 4, 2009

Does anyone have an idea about the rental market in this condo's area? I'm trying to see what the rent is if I were to buy one and rent it out. What would a 2bd/ 2ba condo in the Melbourne, FL 32940 rent for?

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3
Cheryl Griffith’s answer
Hi Noel!
I just sold a unit in the 32940 zip code to a buyer whose intention was to rent it out. The unit was a 2 bedroom, 2 bath, and sold as a short sale for $70,000. In less than 1 week, the new owners had it rented for $800 per month. Other complexes in the 32940 area have had leases in the last 2 months as high as $1,100.

If you are planning to finance your purchase, it may limit your options as to which condo you can buy. Unless you are putting down at least 20%, lenders won't touch complexes that are not "warrantable" by the FHA standards. Unfortunately, many complexes have a percentage of owners who are delinquent on their association fees and/or the association does not have enough in reserves to meet the requirements. I can better explain this to you and check on the complex referred to in your question if you want to call me with a bit more information. I would also be happy to help walk you through finding the appropriate unit to purchase and later rent. My directly phone number is (321) 604-8930.
0 votes Thank Flag Link Wed Aug 5, 2009
NOEL, The worst investment you can make is in a Condo to buy and rent otu. The second thing is Banks are scrutinizing buyers of all condos. The condos have to pass certain criteria befor ethe bank will even lend you the money to buy a condo even if you were owner/ occupied. The problems is to many investors that faultered and buyers that did the same thing and many are in shortsale and forclosure. The next problem that piggy backs to the first is how many units are in default of paying there HOA fees already. Even though the bank forclosing or short selling the property has to pay them, The bannks making new mortgages do not want the same thing happening again. Now the rental market in condos is not profitable at all when you may have to fix it, then figure in taxes, insurnace and monthly HOA Fees, you would be lucky to come out with $100 a month. Most break even. I have one right now, that is short selling for half of the original mortgage. I had an investor that wanted to offer a quarter of the original and the Bank Said No Way. Even at half and the invetsor could not rent it otu for a real profit., and would ahve to wait another 7 years or more to make a real good profit opn the inestment , if tyi came up that high. The rent average would not allow for any profit. Also in teh 32940 areas there are sopme real expensive HOA fees going well above $200 a month. In one housing community, they are $250 per month. That is $2600 per year! NAd there are those that are even more. So, Condos are not profitable.
Now if you really wnat something profitable. I have a connection with a compnay selling Condo-Hotel units in a wonderful country that everyone has been flocking to, and will pay up to $500 a night just to stay there. Now that is porfitable and makes your payments at the same time. If you want more information on it, or any investor for that m,atter that reads this, e-mail me with all the ways I can get in touch with you and we will talk about , how, where and when. Send me an e-mail at , petedsellshomes@aol.com. call me at (321) 480-2544, please use est time when you call. between 9 am and 8 pm my time
0 votes Thank Flag Link Tue Aug 4, 2009
Hello Noel,
Depends on the amenities but on average $700-$1000
0 votes Thank Flag Link Tue Aug 4, 2009
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