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anyone do something like this?


A friend has done this with a lake house and made out like a bandit on the
sale of the first one. The second isn't doing as well. A couple of factors
that have influenced it over the years are the pace of the economy and the
glut of these properties on the market. They have had to deal with damage
done by tenants, traveling for hearings against tenants, added charges and
demands for additional services by the managing realtors and a few that I
don't recall right nowl. It's not a cake walk but it can be pretty
profitable if you have the right temperment and know what is possible in the
future.


I would be very leery of renting out a property far from home. Florida,
at least near me, is turning into a buyers market because all the
flippers ran up prices and can't unload them. If you buy a Fl property
owned for some time as a homestead, you may have a shock when you see
your first tax bill, and you won't get a homestead exemption if you
don't live there. Another rising concern is insurance. Elec. going sky
high. Our taxes are around $1500/year. Another unit in our building,
exactly the same but on second floor, is over $7,000 because the taxes
can't go up more than ?3%/year but when it is sold the sky is the limit.
The other unit is a rental, so doesn't qualify for homestead.

There is a highrise condo, across the street from where we go out to eat
often. About 12 story building, full city block. Noticed that after
dark there are never more than 3 or 4 apts. with lights on. Went to the
county tax website to look up owners' addresses, and found almost all of
those I looked at live out of town or out of state. Nobody LIVES there,
apparently )

People have been tearing down older condos left and right, three within
two blocks of us. All of a sudden, the building boom seems to have
ground to a halt. The lots are growing green stuff, but it isn't money
)

When the folks who bought into $2,000,000 condos on the beach find out
they can't get out on weekends because of traffic, they'll probably be
adding heliports ) City sold 500 public parking places to make the
beach prettier (losing $1,000,000/year in revenue) and even with those
spaces there isn't enough parking. Duh?