Pros and cons of owning a condo rental

General Landlording & Rental Properties
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Pros and cons of owning a condo rental

Ivan Chavez
Investor · San Antonio, TX · Member since 2021 · 24 posts · 5 votes

I've come across two condos in a desired area and when I crunched down the numbers, it makes sense even with the HOA included. Both are located in and or near a densely populated are with hospitals and call centers..

Pros and cons of owning a condo as a rental property and go!

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  • Nathan GesnerBusiness Member
    Moderator
    Real Estate Broker · Cody, WY · Member since 2010 · 28k+ posts · 41k+ votes
    4y

    In no particular order:

    • HOA fees can increase and kill cash flow, particularly if you get hit with a big special assessment for a parking lot, roof/siding, fences, or other capex issues
    • If your Tenant's misbehave, the HOA can make your life a living hell
    • An HOA is only as good as the people managing it. Things can look great now, but they can fall apart within a year with the wrong people in place
    • Every HOA has at least one Nazi with nothing better to do than spy on neighbors and nit-pick every little violation
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  • Kar Sun
    Member since 2021 · 402 posts · 277 votes
    4y

    I personally like HOA settings. It protects me especially when I have to decline. I am pretty tough on tenants and I take great care of my properties. I appreciate my neighbors and board members looking after my property in a sense that they have to do walkthorugh once in a while to see the condition of everyone property. So far HOA boards like me. We have also been grandfathered in so we can rent all we want while there are now restrictions for the others. I let the property sit on the market and I won;t rent it unless I find an A class tenant for may property. I am not planning to sell and will keep for a long time. I am not worried to pay for them while I am looking for a right tenant. My properties cash flowing and they have appreciated tremendously. They are located within a couple of miles of my residence and in a great location. I am not interested in rehabbing, flipping, or spending lots of time repairing that is why I got A class properties. I have a full time job and this is just something fun for me to do. This business model works for me.

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