this community condo buy

2 Replies

has anyone bought a condo in a community of condos where they have hoa and their own management?  I have read that yout property may not be priority when it is vscant to find tenants.  They make nickel and dime you on maintenace etc.  Any input?  Some places, math works out

@Mel Rosario You are correct. Some places, the numbers work out. However, some HOAs may not have healthy reserves. This means that every time and issue comes up (siding, window washing, doors painted, etc), they will need to do an assessment. This is where that nickel and dime action comes into play. Also, some HOAs (like mine) have a limit as to how many units can be rented. If the threshold has been met, you can't rent your unit out and it MUST be owner occupied. 

Some units are great and you can make some excellent cash flow with condos with HOAs. However, you will need to do your due diligence on the HOA as much as you would on the actual condo. I know that (for my personality) I like to be in control of my own property, and probably won't buy into another property with an HOA after the one I already have. But that is only me personally. Some investor buddies of mine PREFER it because the HOA is great and takes care of a lot of the work for them. It's all about preference.

Condos arre ok.  Hoas usually pay for many things.  I have a friend who sold his mcmansion and bought almost 10 fully payid condos and luve off passive income.

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

Lock We hate spam just as much as you

Create Lasting Wealth Through Real Estate

Join the millions of people achieving financial freedom through the power of real estate investing

Start here