If you'd like to talk to me about my experiences and lessons learned in condo purchasing click here.
One of the things I've been struck by in talking to a
number of renters of H-7 is how many have dreams like I did to be able to own a beautiful condominium on Sanibel Island.
I thought I'd share a little with you about my reasoning and experience in purchasing this condo.
If you contact me, I'd be happy to go over all the details of my experience and answer any questions you have - I've learned a great deal in my purchasing of this condo.
I may be able to calm some of your fears and put you on your way to condominium ownership on Sanibel Island. This is not a gimmick or a come on to buy products, and I'm not a real estate agent.
I too, until I did some investigation, felt a condominium like what I own now was not within my reach. I have a good job, and my wife works too, but I have 2 kids in college - by no stretch of the imagination do I feel I'm wealthy.
I knew that there was no way I could afford a 20-30% down payment. So going in to my search on Sanibel, I decided there were 2 things that had to be true:
I'd like to share a few things with you:
- The largest down payment that was acceptable to me was 10%.
- This investment could not affect my family's current or future lifestyle. This investment had to be separate from everything else.
- I'm doing this primarily to take advantage of the appreciation in value of the condominium market on Sanibel. As long as I can do fairly well at meeting my ongoing expenses while achieving the appreciation, I'm happy. This is not a get-rich-quick scheme. Over the last 20 years the condominium market has appreciated, on average, 10-12% per year on Sanibel. This is 10-12% on the price. If you consider you only have to put 10% of the price down, this is more like 100% appreciation on your down payment.
- No more condominium development is allowed on Sanibel Island - what's here now is all there will ever be. Couple this with the fact that vacation travel to Sanibel increases every year. Last year 3 Million people visited Sanibel. There are limited condominiums and beds available for rent on the island with increased demand as vacation travelers increase in number.
- With the stock market the way it is, the real estate market is an excellent alternative for investing.
- There are tax advantages to owning a rental income property.
- I put only 10% down. Actually with the way I did it, 0% came out of my pocket, savings, or investments.
I'm well on my way to accomplishing these objectives.
If you have any interest at all in 2nd home/condo ownership on Sanibel or just want to talk about it, please contact me at 315-794-7159, or send me an e-mail at firstname.lastname@example.org, or fill out the form. I'll get back to you as soon as possible. I'd love to be able to help interested H7 renters achieve their dreams.