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Real estate
Is it wise to buy a condo to rent out?
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[QUOTE="Alexandoy, post: 198565, member: 25510"] Our family friend bought 2 condo units in a suburban town that is near a school. The condo units form part of his investment that he will rent out to potential tenants in the vicinity. The school is actually a college and there are foreigners who are studying there. Good prospect are the foreign students. When he advertised the condo units, there were many interested. However, all the prospects are asking about the parking space. Our friend did not bother to buy a parking slot because it is expensive costing $20,000 per slot (he has 2 units so the cost of the parking slots is substantial). Anyway, since he couldn't buy a parking slot aside from the exorbitant cost there is no more available slots so his condo units are idle for more than a year already. That is a costly mistake of our family friend. Now he is selling his condo units but there are not takers either due to the lack of parking space. I am posting this topic to serve as a lesson for those who have plans of buying a condo unit. Check all the needed requirements by the potential tenant before you make the purchase. [/QUOTE]
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Is it wise to buy a condo to rent out?
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