As someone with experience in this kind of endeavor, I agree with most of the previous comments.
Banks and mortgage companies often will not look favorably at condos with high investor ratios (too many short term rents, not enough full time residents.
Banks may require a higher down payment and higher interest rate for investment property. If it isn't investment property they will not include much of the expected rents as income to pay the mortgage. Hard to believe, but they are not in business to help you. They are there for the shareholders.
It can be done, but probably more drawbacks than just going out and buying a nice 2-3 family home as an investment. Being a landlord/handyman long distance just isn't the same as something in your home town or in a resort development that is set up specifically for rental programs. For these, you just have to figure out how to get them to rent your place first instead of the identical unit next door.
Many books at the library about how to b e a landlord
One of the best I think, is "Landlording" by Leigh Robinson. There's a related web site.
Good luck.
|