Singapore, Singapore · Member since 2013 · 40 posts · 2 votes
I always hear that condos are usually not good RE investments due to loss of control and maybe high HOA fees.
But for the successful condo REI, what made you successful despite the naysayers? Also, how do you compete with other condo owners (within the building and beside the vicinity) who are also renting their units out? How do you stand-out?
Are your condo units in a very good location? Did you buy the cheapest condo unit around the area so that you can also command a lower rental fee?
Investor · Miami, FL · Member since 2015 · 46 posts · 15 votes
11y
I am a condo investor and things are good so far. I invested cash and my return has been quite good.
I have not had HOA issues or assessments although I keep a large rainy day fund in case it comes.
I did have competition from other units but I remodeled a tad higher taste (just a good combo of construction materials, nice colors and good workmanship) that appealed to the aspirational side of enters without screaming expensive, nor being expensive to me.
I rented all units in a matter of days. They are remodeled exactly the same so I kind of stumbled into a formula for decor that works great (wife's touch). And at market prices.
Another factor is that they are located in a high demand area and located on the right side of town.
Condo investing is not terrible, I think it just needs to be part of a portfolio, not your "only" investment vehicle.