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Example: Condo Property Deal

So the question is, how do you go about purchasing a condo as an investment property? We're here to help, take a look at the example below. Here's an example of a condo purchased as an investment property.


Location: 901 Bay Shore Boulevard #314, San Francisco CA 94124

Price: $321,000
Size: 1 br 1 ba 609 sqft
Listing Type: Resale
Year Built: 2003
Price/sqft: $527
Days on Market: More than 30 days
ZIP Code: 94124
Neighborhood: Silver Terrace
Features: open 3/4 tues tour 2-4. Beautiful 1br/1ba condo with hardwood floors,granite kitchen countertops,all appliances included, marble counters in spacious bathrooms, large social rooms with furniture& decks overlooking silver terrace park,and rear yard. pet allowed. clean, a must see!

Remember: Don't forget about HOA fees. For condos this is often the one thing that separates the best from the rest, how much do you have to pay each month and what amenitites are you receiving in your condo community? Try to consolidate all of your fees, insurance, HOA, and mortgage together under one loan.

Rough Numbers:
Down payment:
Loan amount:
Property tax rate:
Expenses: % of gross earnings
Appreciation:

Loan amount:
Interest rate:
Loan term:
Annual tax:
Annual insurance:

Monthly Principal + Interest:
Monthly tax:
Monthly insurance:
Total monthly payment:

Interest payment per year:
Mortgage payments for the year:
Principal payments for the year:
Per year appreciation growth:

Gross income:
Operating expenses (managing property, landscaping, insurance, property taxes, painting - there are fixed and variable expenses):
Loan payments:
Cash flow =

Link

Things to factor in and consider when buying a condo:

  • Buy a condo with a lot of owner occupants rather than renters, owners have a vested interest in the common areas.
  • Review home owner association dues, make sure there are no outstanding repairs needed that will increase your dues.
  • For dues, find out exactly what you’re responsible for and overall rules, can you have pets, can you make modifications to your condo. If you can upgrade your condo you'll be able to increase the value of the condo and deduct the costs of the upgrade.
  • Buy from a experienced developer who has a good past history of building condos and managing the units.
  • Talk to current condo owners about the noise levels and what they like and dislike
  • See if you can look over condo meeting minutes to get a sense of how the condo community is doing and if people are happy


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