Condo Rental During Construction
Not sure if this is the right forum or not for this question, but I will give it a shot.
I am considering purchasing a townhome/condo near the beach on the gulf coast. I have the following two options.
1. Buy a constructed unit now at a right price but begin paying condo fees/taxes now while the rest of the community is under construction.
2. Wait and buy pre-construction on a second phase at an unknown price, but likely comparable to the price in 1.
If I go with (1) I will need a traditional tenant, but it seems risky that I will get one while the remaining project is not complete. To give an idea of the site....there are currently only dirt roads and more vacant land and units under construction than complete. It's loaded with construction equipment/workers, etc.
Has anyone successfully rented in a complex where lots of contruction is going on. I would be happy with enough rent/cash flow to cover the taxes and insurance which is about $400/month on a brand new 2BR/2BATH until the general complex become more inhabitable. Additionally I would an absentee landlord with no local contacts.
:-?
I would recommend talking with a license property manager in the area of the condo. See if He/she can tell you about the area rental market...how long to get tenants it, etc. You could always make an offer contingent upon acquriing a prospective tenant before closing. I don't know that the developer would go for that, but you can always ask.
Good Luck!