Condo as a first investment property?! Thoughts?
Hello Everybody!
As being a beginner investor I wanted to reach out to the bigger pockets community and hear some feedback on my first investment property! So Ive been recently looking at some condos in the north west suburbs of Chicago. From what Ive read and heared in the BP community condos have pros and cons. I understand that condos high HOA fees and also special assessments sometimes. The reason why I am interested in condos because of the price point. Most SFH, Town homes or multi units are above my price point. I recently got approved for a FHA loan for 110k as a side note. I also considered in purchasing a condo in the city of Chicago as well and use Airbnb as additional income. What are your thoughts?
Would you say that a condo would be a good first investment considering of my price point?
Thanks for your feedback everyone!