Condo vs single family home

5 Replies

What do y'all think about buying a condo vs a single family home as a first rental property? Located in Myrtle Beach. I was leaning towards a condo as a first property because it seems a little easier to manage. Would you say that is correct? I was figuring on getting 2 or 3 condos first and then buying some single family houses after I learn a thing or 2. Multi family homes are about non-existent here.

Hi Alex, 

Condos can be great, but you have to really do your due diligence on them. You need to accurately ascertain the monthly costs. Regime fees/HOA dues can gobble up your cash flow if you're not careful. I have a condo, but the fees are pretty low (could be lower) and I got it for a song. Also ensure you get a property tax estimate from the tax assessor's office. I've seen some sub-$35k condos around here in columbia have $300/mo regime fees. Just something to keep in mind.

It depends on the price and the use.  Do you want long term or vacation rentals?  Condos are attractive - price, exterior maintenance.  Really depends on the intended use.