What is a condotel? Are they good investments?

In this video, we will discuss how to tell if you are about to purchase a vacation condo that is a Condotel, and if so, what does that mean for you. We will go over what to look for and what is means with regard to financing.

[@user-gq7gr4ge4j]

I did not hear if they are good investments or not. I would like to buy one, but I am worried about the current climate(investmentclimate). Thanks for your knowledge.

[@DanielJMurphyRealEstate]

They can be great investments if you understand the total cost of owning. The biggest issue right now is the rising cost of insurance on the oceanfront. However, as an example, a 3BR direct oceanfront unit in Compass Cove sold for $335k and the unit grossed just over $60k in rents. The rental split on site is 60% owner-40% rental company. The biggest issue would be if you carry a mortgage, and if so, how much. Also, you can rent the units yourself, with no real drop in rental income, and you do not have a rental split to worry about. That is how you can maximize the investment.

[@DanielJMurphyRealEstate]

This also does not take into account any appreciation.

[@reginaMYPODCAST]

Thank you for sharing this information. Very, very helpful :)

[@DanielJMurphyRealEstate]

appreciate the feedback. please continue to watch

[@BolanoHome]

Very informative. Thank you for your insight.

[@DanielJMurphyRealEstate]

Glad it was helpful!

[@jasemashkanani]

Thank you

[@RyanIZReaper]

The 35-50% fees are separate from the HOA fees correct?

[@calloblopez598]

Correct

[@karenk3593]

Thank you. How often can you stay in a condotel yourself?

[@DanielJMurphyRealEstate]

In most cases, you can use your unit as much as you would like. Some rental companies, ask that you restrict homeowner usage as much as possible during peak rental season, but many do not care.

[@davidframe1613]

What if you wanted to live in one of these condos what is the hidden cost?

[@DanielJMurphyRealEstate]

No real hidden costs. You have HOA fees that cover much of the shared maintenance and upkeep as well as insurance for the building. However, that is disclosed.

[@user-db5wt8oe7k]

Witam : z własnego doświadczenia chciałbym Państwu na dzień dzisiejszy przekazać kto z operatorów Condo Hoteli wywiązuje się terminowo z umów oraz płatności: Nr.1 OSADA ŚNIEŻKA : Grenn Mountain w Karpaczu , Elements w Świeradowie Zdroju , Five Seasons w Szklarskiej Porębie.Nie polecam inwestować w Hotel Seidorf Apartamenty KAZALNICA w Sosnówce (sprawa w sądzie zadłużenie wielotysięczne) Pzdr Odpowiedz