Updated about 2 years ago on . Most recent reply

General Thoughts on Condos?
Hi All,
My name is Jonah and I'm new to investing in rental properties. I'm curious what the consensus on purchasing a condo and using it as a vehicle for monthly cashflow is? Additionally, are they any more or less viable for cashflow when in comparison to a single family or small multifamily?
Thank you for your time!
Most Popular Reply

Jonah,
Depends on the loan amount, location, and overall HOA fee per month. The biggest take away is the HOA fee if it's over a few hundred dollars that crushes your cash flow/ROI. You have to also look to see if they restrict STR short term renting like VRBO/AIRBNB. STR can help overcome an HOA fee.
You also have to make sure its not a Non-warrantable condo or have any legal or reserve issues.