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.
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.
I figured that I would have less cash flow with the condo vs a single family home.
After my mom sells her house in NY, we should have 40k to put down on one so mortgage will be super low.
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.
First one will be long term rental. I was looking at some units that are 1000sqft 2bed 2 bath with an HOA fee around 250. Most like that in decent areas run from 75-90k.