Concho..
Your post made me LOL. Anyone who wants to buy a condo without substantial income and reserves to hold “forever” *IS* a “wannabe Don Trump” in my book.
In Vegas lingo, rental condos are suckers bets
and there appear to be no shortage of suckers interested in buying them.
Perhaps we need a good old fashioned depression to wake people up and stop playing Monopoly with OPM.
The mindset of millions of people that playing landlord (on a shoestring) is a road to riches is part of the problem, it is not part of the solution.
It’s definitely not as easy to get rental financing today so that is a tiny step in the right direction. It is more difficult to get financing on new construction condos. Until the association is turned over to homeowners and the developer is no longer in control, it can be complicated as well as projects that are not 100% built out.
I can only imagine what the association dues and condition of many complexes will be 30 years from now and it’s not something that I would want to be involved in.
