I have been looking in the Tampa area for my first property to house hack and wanted to see if anyone on the forums has been successful in buying condos as rentals in the Tampa Area. I understand that the association agreements can be tricky but would love to hear some experiences.
There is usually little meat left on the bone after your monthly PITI and HOA fees so I avoid condos. Townhomes will generally have a lower HOA. Just depends how much you are looking to cash flow.
HOAs are dictatorships, not my favorite strategy, be careful and good luck!
Normal hoa fees are 200-400/mo. Condos aren't discounted enough to make it worth your while.
Buy a bigger property with no HOA and keep that extra 200-400/mo.
As others have stated, once factoring in the fees, it's just not a viable investment strategy. I've owned a townhouse in the past that cash flowed quite well however, after random assessments, I ended up with a much worse return at the end of the year. MF or SFH are my preferred asset classes.
@Robert Ungerer I agree with the above comments. The association rules can sometimes be a pain, but the fess really do make it difficult to make a good return. That being said, some people have success with Airbnb with condos. If the condo is close to the beach, Busch Gardens, the airport, etc, maybe it could be a good idea. In terms of a regular old fashioned rental, a house will be better 99% of the time.
Additionally, with a house you will also have more potential to increase the value if you ever decide to sell. Condos are pretty capped on how high the price can go. Upgrading to granite, recessed fixtures, smart features, tiled backsplashes, etc can only take you so far in condos. You can easily spend money on upgrades that don't come back on the price. With a house, you are more likely to have room to add upgrades and make the house worth more on the market.