Investing in condos?
Hi BP community!
Quick question, What do you guys think about investing in condos? Is it a good or bad idea? I will soon be buying a duplex and will occupy one unit. Looks like most investors are purchasing multifamily properties, and I thought about only buying multifamily but they are so hard to find and the ones I can afford need work that I don't want to invest the time and money to do so( I know there are loans you can get to help with rehab, but still.)
On Realtor.com I see soo many condos and town homes at an affordable price and much better condition, I am thinking about only purchasing these types of properties. Is this a bad idea? What if I am able to get a decent cash flow and ROI on these properties, should I go for it? Or should I stick to multifamily units.
My goal is to have no mortgage or very low mortgage, and accumulate $1M+ in net worth in 10years.
What to you guys think? I have a friend in real estate who is advising me not to go with condos cause the cash flow isn't there. Btw she is a newbie as well.
Thanks for your input!!