Investor · Hawaiian Gardens, CA · Member since 2015 · 308 posts · 386 votes
6y
Of those 3 options, I'd take the detached house. Condos/townhouses both have HOAs, HOAs from my experience go UP in cost, not down. Home owners also limit your ability to make changes to your place: Want to add solar? check with your HOA. Garage conversion? check with your HOA. With that being said there are several investors on BP who have been immensely successful with condos/townhomes.
Realtor · Tampa, FL · Member since 2019 · 20 posts · 14 votes
6y
@Derrick Dill okay cool! Thank you. Do you think the age of a property matters at all? Should I focus on new construction or some house built in the 1950’s?
Investor · Los Angeles, CA · Member since 2016 · 43 posts · 20 votes
6y
Same advice here as well. I would focus on Single Families (or detached houses). I have had a very bad experience with HOAs, especially the smaller HOAs. If it's a professionally managed bigger HOA (100s of units) then you would be fine in my opinion.
In my opinion, new construction will be expensive. You should try to find the newest old house if that makes sense! Or an old house with roof and HVAC replaced recently. That will reduce your capital expenditure.
Investor · Hawaiian Gardens, CA · Member since 2015 · 308 posts · 386 votes
6y
@Mark Dutton I got houses built in the 1920s. Houses being sold every week in San Fran from 1900s. Wouldn't let the age deter you from buying, but a good foundation/roof/bones is important, home inspection to let you know what you're getting into.