Buying a rental property in moco

Anonymous
Recently I’ve noticed that some condos in Montgomery county are priced low enough that they could be decent rentals. Is this a very stupid idea?
Anonymous
Are you taking into account the condo fees/HOA?
Anonymous
Anonymous wrote:Recently I’ve noticed that some condos in Montgomery county are priced low enough that they could be decent rentals. Is this a very stupid idea?


Maybe first look into the kind of rent you could rent it out for. And whether you want to be a landlord (or pay a property management company).
Anonymous
Anonymous wrote:Are you taking into account the condo fees/HOA?


Yes, as they are listed, it’s still a decent investment. Of course if the fees went up that would change things.
Anonymous
Think about the kind of person who is going to live in a cheap rental. Is that the type of tenant you want?
Anonymous
Anonymous wrote:Think about the kind of person who is going to live in a cheap rental. Is that the type of tenant you want?


They're not "cheap," and they wouldn't rent for cheap. They're just affordable for me and appear to be cash-flow positive.
Anonymous
Then go for it. My own caution is that when you rent a condo you have to deal with many more property owners than a SFH. My stepson and three roommates are renting a DC condo this summer. All four young men are law students clerking or interning at great firms. The condo owners claims she gets 4-5 complaints about them every week. She acknowledges that the complaints are almost always BS, but she has to follow up on each one or the condo board will come after her.
Anonymous
Anonymous wrote:Then go for it. My own caution is that when you rent a condo you have to deal with many more property owners than a SFH. My stepson and three roommates are renting a DC condo this summer. All four young men are law students clerking or interning at great firms. The condo owners claims she gets 4-5 complaints about them every week. She acknowledges that the complaints are almost always BS, but she has to follow up on each one or the condo board will come after her.


I doubt the complaints are bs, with a number that high. Lemme guess, white frat bros?
Anonymous
Anonymous wrote:
Anonymous wrote:Then go for it. My own caution is that when you rent a condo you have to deal with many more property owners than a SFH. My stepson and three roommates are renting a DC condo this summer. All four young men are law students clerking or interning at great firms. The condo owners claims she gets 4-5 complaints about them every week. She acknowledges that the complaints are almost always BS, but she has to follow up on each one or the condo board will come after her.


I doubt the complaints are bs, with a number that high. Lemme guess, white frat bros?


My stepson is AA. His roommates are AA, Afro-Caribbean, and Nigerian.
Anonymous
Anonymous wrote:Then go for it. My own caution is that when you rent a condo you have to deal with many more property owners than a SFH. My stepson and three roommates are renting a DC condo this summer. All four young men are law students clerking or interning at great firms. The condo owners claims she gets 4-5 complaints about them every week. She acknowledges that the complaints are almost always BS, but she has to follow up on each one or the condo board will come after her.


Hmm. That's strange that is happening to your stepson (although law students love to get trashed) but it's a good point.
Anonymous
Anonymous wrote:
Anonymous wrote:Then go for it. My own caution is that when you rent a condo you have to deal with many more property owners than a SFH. My stepson and three roommates are renting a DC condo this summer. All four young men are law students clerking or interning at great firms. The condo owners claims she gets 4-5 complaints about them every week. She acknowledges that the complaints are almost always BS, but she has to follow up on each one or the condo board will come after her.


Hmm. That's strange that is happening to your stepson (although law students love to get trashed) but it's a good point.


The complaints are things like:
—held the elevator for someone locking their unit door
—held the elevator to load groceries from their Costco run
—took bicycles or garbage in the regular elevator rather than the service elevator
—talking on cellphone in lobby
—eating in lobby or elevator
—too many deliveries

None of these things are against the condo rules or their lease
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Then go for it. My own caution is that when you rent a condo you have to deal with many more property owners than a SFH. My stepson and three roommates are renting a DC condo this summer. All four young men are law students clerking or interning at great firms. The condo owners claims she gets 4-5 complaints about them every week. She acknowledges that the complaints are almost always BS, but she has to follow up on each one or the condo board will come after her.


Hmm. That's strange that is happening to your stepson (although law students love to get trashed) but it's a good point.


The complaints are things like:
—held the elevator for someone locking their unit door
—held the elevator to load groceries from their Costco run
—took bicycles or garbage in the regular elevator rather than the service elevator
—talking on cellphone in lobby
—eating in lobby or elevator
—too many deliveries

None of these things are against the condo rules or their lease


It sounds like they are getting on the nerves of a crazy person. Probably a racist crazy person.
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Then go for it. My own caution is that when you rent a condo you have to deal with many more property owners than a SFH. My stepson and three roommates are renting a DC condo this summer. All four young men are law students clerking or interning at great firms. The condo owners claims she gets 4-5 complaints about them every week. She acknowledges that the complaints are almost always BS, but she has to follow up on each one or the condo board will come after her.


Hmm. That's strange that is happening to your stepson (although law students love to get trashed) but it's a good point.


The complaints are things like:
—held the elevator for someone locking their unit door
—held the elevator to load groceries from their Costco run
—took bicycles or garbage in the regular elevator rather than the service elevator
—talking on cellphone in lobby
—eating in lobby or elevator
—too many deliveries

None of these things are against the condo rules or their lease


It sounds like they are getting on the nerves of a crazy person. Probably a racist crazy person.


There are a couple owners making the complaints. We figure they are racists. The owner is taking harder than stepson and his roommates. She lived there five years before having a third child. This is not what she expected from her neighbors. Soon, my stepson and the other young men will move on, but she has to make some difficult choices about renting out the property in the future. Just be aware of that.
Anonymous
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:Then go for it. My own caution is that when you rent a condo you have to deal with many more property owners than a SFH. My stepson and three roommates are renting a DC condo this summer. All four young men are law students clerking or interning at great firms. The condo owners claims she gets 4-5 complaints about them every week. She acknowledges that the complaints are almost always BS, but she has to follow up on each one or the condo board will come after her.


I doubt the complaints are bs, with a number that high. Lemme guess, white frat bros?


My stepson is AA. His roommates are AA, Afro-Caribbean, and Nigerian.


Nice try though,PP!
Anonymous
OP research the rental vacancy rate in the area that you are considering.
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