Courier News - "Don't even check out condo-hotels" (10-5-06)

Dear Mr. Berko: I'd like your thoughts on buying three condo-hotels at $625,000 each. These units recently sold for $675,000, but the developer is closing out. He said the units could easily be rented 30 weeks out of the year, and the hotel management company is the best in the business. This looks like a superb investment that would easily pay all my costs, including mortgages on the three properties. The developer will also give me a $33,000 cash bonus if I buy the three condo-hotels, which I could use to pay the cost of a limo driver who would pick up the renters at the airport. What do you think of this idea? It's like having three second homes and it won't cost me a dime.