This is my first post, but I've been listening to BP for several months and my partners and I just closed on our first 5-unit!
However, this is not for our portfolio, but for myself. I want to move to a market that is currently booming, therefore, not great for me to start investing in. Some of the only spots that are even reasonably priced are condos. I know most investors stay away from condos, but if I can find one that has the potential for forced appreciation, renting a room or two, and Airbnb, then could a condo be good for house-hacking?
Id say this is market specific. Condos can be great in DC....and are not so great in Baltimore just a half hour away.
I did in a 2bd-2ba with a roommate. It can be tough living with someone as an adult, but it was easy when I was working 80hrs a week and single though ;)
Re Airbnb - is make sure the CCR’s allow it. Mine did not and the HOA docs were from the 70’s.
@Spencer Carpenter It all depends on your market. "House hacking" was super easy in condos when I was going to school in Toronto. It would have been a PITA in most other parts of Southern Ontario.
Airbnb and other options are good but require active management of books, property, repairs and maintenance, etc. Most folks do not include those costs. Your returns change dramatically once you factor those in.
if math is there why not?
I have a condo, my worse investment but also have almost zero vacancy. It breaks even but basically renters are buying me the house.
I promised myself to stay away and not buy another one, then something came up in the same community for half price. I made my offer.
It is all about numbers, if it is a good deal, it is a good deal
Thank you all for your insight! It's greatly appreciated!
In my areas when there is a economic bust:
condo's prices go down first and dives the deapest
and when there is an economic recovery:
the same condos are the last to recover with the slowest recovery rate. Also instead of paying useless condo fees for $100s of dollars per month, why not by single family and not have any significant fees.
Good luck to you!