North Las Vegas, NV · Member since 2016 · 35 posts · 9 votes
Hello everbody! I am excited to be here and very excited to hear any advise and best practices from each and everyone one of you! We would like to purchase our first rental property and in search of an agent who can help us with making the best possible choice! The agent I have been speaking to is fairly new in the business and she advised for us to get a condo, but I'm seeing the fees associated with it can eat up any profit. I would like to hear from someone who has more experience! This is the year to get our feet wet and we're excited and eager to learn!!! :)
Glad to hear you are out here taking action. I specialize in finding out discounted properties in Las Vegas! Realtors are great if you are working with one that understands how to find off market properties. First I would say to target what you want first. Don't allow anybody to just search for anything. Set your guidelines and make sure your people are looking for properties that fit your criteria and not there's. Good luck to you and happy investing.
@Louis Davis thanks for the advise! I can see that i need to get help from more experienced people. This app has been great so far! I'm learning a lot just from watching all the the videos!
Hi Cindy,
Welcome to the BP community. There are tons of knowledge you can learn here. And congratulations on making that decision to become a real estate investor.
Condos has its pros and cons. But most new and seasoned investors tend to shy away from condos because of the reason you mentioned.
I don't mind having condos as long as they have good HOA management and reasonable HOA fee. One of my condos have $140/mo, good HOA, and cap rate about 10%. That's one I would like to keep long term.
Feel free to PM me if you have any questions.
Good luck!
I agree with Oliver, if you purchase the condo at the right price and the HOA is decent, you can make higher returns than you can on a SFR. If you overpay or get a bad HOA, you could get hurt. We own several condos here in Las Vegas and are quite happy with our purchases. If you have any specific questions or want an opinion on a specific property, feel free to drop me a PM.