Single family or condo

2 Replies

Hi all
I am looking to buy a property for under 45k as a cash flowing property from everyone's personal experience as a first property should i buy an apartment/condo or should I buy a single family home. Thank you for all the help

Both can be a good investment. 2 things I would watch out with condos would be the rental cap restrictions and HOA fees and restrictions. You don't want to go through a purchase of a condo only later to find out you cant rent it out do to rental caps or HOA fees are eating your profit

I have a condo and I have to say I kind of regret it. The HOA fees are just that, fees. They will never generate equity and (from my experience) they will never go down, only up. I'm sure there are still deals to be had while including those fees but I find them to be more hassle than reward.

You also have the HOA politics and potential for special assessments with a condo.

Also with a condo the home value is more closely aligned with the neighborhood rather than it's stand alone features. So your potential for appreciation (not that you should count on it anyway) is limited. 

My personal opinion is to shy away from them if you can. 

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