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Posted by
Nassif Awwad

Does anyone have any insight on purchasing an apartment for rental property?

Good afternoon,
I'm looking to buy an apartment as an investment property to lease out. Does anyone have any insight they would like to share? I'm trying to determine whether it's worth it. Some apartment complexes have a monthly fee and it states that the fee covers a few things, but some also include insurance. Am I to assume that means home owners' insurance? Also, does anyone have a good way of advertising and listing the apartment?

Thank you.

Anthony

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Does anyone have any insight on purchasing an apartment for rental property?

By Nassif Awwad   
Posted on Mar 14, 2017 in Topic: General
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Good afternoon,
I'm looking to buy an apartment as an investment property to lease out. Does anyone have any insight they would like to share? I'm trying to determine whether it's worth it. Some apartment complexes have a monthly fee and it states that the fee covers a few things, but some also include insurance. Am I to assume that means home owners' insurance? Also, does anyone have a good way of advertising and listing the apartment?

Thank you.

Anthony
Status: Open
Viewed: 554
Asked by: Consumer
Posted: 9 months ago
Topic: General
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Bronze
Lam Nguyen
about 9 months ago
Hi, I would love to help you in analyzing apartments as an investment property. I've consulted many investors over the years in dealing with apartments.

Commercial and Investment properties are my niche. Feel free to reach out.
Lam Nguyen
Register Real Estate Advisors
Lam@rrea.com
281-901-0437


about 9 months ago
Bronze
Doris Snipp
about 8 months ago
You uses the singular word apartment rather than apartments or apartment communities. Was your terminology correct in what you are asking or were you just wanting an apartment as an investment such as they have in NYC?


about 8 months ago
Bronze
Jasmine Quinerly
about 8 months ago
Check the price per door and the Age of property along with location


about 8 months ago
Gold
Dominik Szabo
about 8 months ago
Dear Anthony,
It is very challenging, in figuring it out if it is worthwhile to invest for purchasing and leasing the property. In most condominiums the monthly fees are high, so make sure that you are making money.

Let me know if you need some advice or if you have a specific property in mind, that you would like to investigate.


Dominik Szabo
UTR - TEXAS REALTORS
(832) 844 1724
DominikRealtor.com
** The Doctor of Real Estate in Houston Texas**
" Professional, Courteous, and Informed "


about 8 months ago
Gold
Holly Montalbano
about 7 months ago
Hi Anthony,
It sounds like you are considering a condo to buy and lease out. If you are planning to lease it out as a corporate rental or furnished unit, you should lease with a Realtor that specifically works with corporate rentals. Monthly maintenance fees on condos usually cover exterior building maintenance and insurance of the building and liability and insurance for the common areas. Sometimes water, gas, cable or other utilities are covered but you must look at each community individually and decide if it is a good value based on the price and what the HOA includes in that price. You also want to make sure the HOA has adequate reserves and it well managed. Some are better values than others. If the community has a higher maintenance fee that covers more utilities, it's probably more expensive to carry in between tenants. Be sure the community does not prohibit or limit how many units can be rentals if you plan to keep it as an investment property. Houston does have great investment potential but do your homework and be sure get a Realtor that has a lot of experience selling condos. Best of luck!


about 7 months ago
Bronze
Tisha Matticks
about 6 months ago
Mr. Anthony,

If you are seeking to purchase an Apartment in Houston. I would recommend a Town Home or Condo. Never an Apartment. If a Seller is trying to sell Apartments; the Seller is attempting to convert an Apartment Complex to a Condominium Complex. I would not recommend to take this one. Either you purchase the entire Apartment Complex solo or with a partner(s). Look for Condo's or Townhomes. Location, Location. I have clients that own several Condo's and Townhomes. Each one varies from price to price, amenities, are you going to manage it yourself or will the POA/HOA allow you to hire an outside manager. What utilities are included or will you be invoiced separately, are they shared water, electric or gas meters, what about cable and satellites, how much is monthly maintenance fee and /or the annual fee. Are your Tenant's allowed to use the complex facilities/amenities or is it strictly for owners only. Security Watch, how many vehicles are you allowed to have on the property, how many parking spaces assigned to you, is their a cut off for entry access. And are just so many right questions to ask and wrong answers. I recommend that you hire someone with knowledge and experience in not just purchasing, but the leasing as well.

Real Estate and Property Management is my passion; Full Time! 33+ Years!

Tisha-Broker
Owner-Landlord-TREC Instructor & Course Author
Broker-Owner-Landlord-Instructor-Course Author
TishaM@MREInc.us
Manta Ray Enterprises, Inc.
Ph: 281-578-8881


about 6 months ago
Disclaimer: Answers provided are just opinions and should not be accepted as advice.
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