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Loto Rental Condos

Old 12-01-2006, 10:40 AM
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Default Re: Loto Rental Condos

Guys, thanks for all of the input. I think we may pass on LOTO for the time being with all the stuff that you guys have said. Is there any other areas that anyone would recommend? Possibly Galveston or Fort Myers? Whatcha think? Thanks for all of the input, keep it coming.
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Old 12-01-2006, 11:53 AM
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I Must Agree With Some Of The Above But I Also Figured Out A System That Worked For Us. I Have Owned Condos And Have Friends With As Many As 3 Or 4 Rentals Down There And They Have Had Great Success. I Have Had 2 Condos In The Past 7 Years Down There That Would Pretty Much Pay For Themselves And A Good Friend Who Just Bought A Brand New One And It Paid For Almost 100% Of Its Total Costs This Year. Pm Me If You Are Interested In His Mgmt Company And The Web Site. I Did Private Rentals And Liked Controlling The Quality Of The Renters. I Did Not Always Try To Cover Everything In Terms Of Expenses But To Just Help With The Mortgage Payments Since We Only Go Down About Once A Month If That. We Did Keep A Owners Closet Of All Our Personal Belongings And It Was Nice To Know That Our Leftover Expenses Paid Down Our Equity Interest In The Property, Good Tax Deduction, Able To Offer To Family And Friends For Vacation, And Didn't Make Everyone Elses Payments For Them Meaning Paying Rent. Awesome Place To Be Regardless And Great People To Meet. We Have Made Huge Friendships At The Lake And Our Kids Love Going There. Good Luck.
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Old 12-01-2006, 10:16 PM
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Default Re: Loto Rental Condos

I agree with Hammer, we have had a place down there since 99. I would not put anything I owned on a rental program. But if you are in a situation where you can do some rental to friends and family you trust, you will do OK. You won't pay for the cash flow, but you will do OK considering the tax break, your enjoyment of the property, and the appreciation over time.
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Old 12-01-2006, 11:40 PM
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Storms like we just had roll through can make any type of ownership fun. We are heading down first thing in the morning to assess the damage. Hoping Mother Nature was kind to us agian. We'll see.
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