Condos as long term rentals

[Philip Adeleye]

Hello All,

My name is Phil, a real estate investor in the Chicago/Central Illinois area. I am relatively new to BP but have already learned a ton from the forums and podcasts. I am considering purchasing a condo in central Illinois to use for long term rental income. Are there any disadvantages to purchasing a condo instead of a house aside from the HOA dues (FYI HOA dues in this case only cover snow and lawn maintenance)? Additionally are there any benefits?

Any advice is much appreciated.

Thanks!

[Jeremy Zindel]

Originally posted by @Philip Adeleye:

 Thanks for the response. I am looking in the Bloomington/Normal market, preferably closer to the universities. It does not appear that there are rental restrictions as the unit I am looking at is currently rented. Okay, I will do some more research on the HOA before I consider making an offer.

Bloomington/Normal is a good market.  I've been studying it a lot in the last 6 months or so and I'd really like my next investment to be a 3 or 4 unit property there.