Condo investors: do your due diligence

Did you know that some condominiums have restrictions regarding the rental of units in the complex? Many lenders require a minimum owner-occupancy and many condominiums have rules limiting the number of rental units allowed. Some require that the owner live in the property for a specified period before the property is rented. Move in and move out fees may also be imposed and finally, there may be leasing and application requirements imposed by the homeowners’ association. Before you invest in a condominium as a rental, make sure you and your agent do their due diligence.