Primary Residence Question

12 Replies

Is buying a one-bed condo a good investment? Any recommendations?

If you asked Robert Kiyosaki, he'd say no. However owning your own home does come with some tax breaks as well as the fact that you are paying into equity vs. rent. I would consider buying a duplex so you can rent out the other side. Or a really large condo that you could have roommates and/or AirBnB. 

@Josh Thomas Do you think a condo or a duplex is a better idea in the Ft. Laud market? I'm currently deciding between the two for my decision to buy for living in one and renting out other units and/or rooms. 

Based on the prices I can find on Zillow/realtor.com, the numbers seem to come out better for me with a 3x2 condo, considering that I can actually afford a 20% down payment on a condo compared to a 5% FHA I'd have to take out for a multifamily. I've very new at this and I understand the MLS won't be the best place to find deals, so I plan to do more proactive searching and finding a real estate agent ASAP.

Would love to hear your perspective on this.

@Minh Nguyen It all comes down to the numbers. I would put your potentials on a spreadsheet and map out expected revenue - expenses to make a judgement call. It may take a lot of research to get them accurate.

@Brandon, I included HOA fees that I could find attached to the listing. Any other fees I should be aware of?

Hey @Minh Nguyen congrats on moving forward! 

One thing to consider, condo 'reserves'. This impacts the financing piece. If the condo does not have good reserves, you're usually required to put more money down. So be sure to look into that or work with an agent who will ask about that for you. 

You 'can' make it work with condos, ... ultimately, it has to make sense for YOU and your needs and how you want your life to be. Of course, a duplex could work out better for a house hacking approach. It all depends on the numbers and what you can swing. 

Originally posted by @Share Ross :

Hey @Minh Nguyen congrats on moving forward! 

One thing to consider, condo 'reserves'. This impacts the financing piece. If the condo does not have good reserves, you're usually required to put more money down. So be sure to look into that or work with an agent who will ask about that for you. 

You 'can' make it work with condos, ... ultimately, it has to make sense for YOU and your needs and how you want your life to be. Of course, a duplex could work out better for a house hacking approach. It all depends on the numbers and what you can swing. 

 Wow, thank you for bringing my attention to this, I actually haven't heard of it so far. I just read up about it and will continue to research more. 

Hi @Minh Nguyen  

Good to see you are doing the steps to invest in your future. 

"You" are always the best person to ask whats best for you. Perfect example is your first blog on here. You stated "the numbers seem to come out better for me with a 3x2 condo, considering that I can "actually afford" a 20% down payment on a condo compared to a 5% FHA". 

Also always consider thinking of the worse case on your options like, not that you are going to rent one side out of a duplex and you live in the other, but can i afford it if i cant get a renter for, lets say 6 months?

Or can i afford a "special assessment" for what ever reason the condo association needs one if i buy a condo.

Good luck and take care.


Originally posted by @Alex Rodriguez :

Hi @Minh Nguyen 

Good to see you are doing the steps to invest in your future. 

"You" are always the best person to ask whats best for you. Perfect example is your first blog on here. You stated "the numbers seem to come out better for me with a 3x2 condo, considering that I can "actually afford" a 20% down payment on a condo compared to a 5% FHA". 

Also always consider thinking of the worse case on your options like, not that you are going to rent one side out of a duplex and you live in the other, but can i afford it if i cant get a renter for, lets say 6 months?

Or can i afford a "special assessment" for what ever reason the condo association needs one if i buy a condo.

Good luck and take care.


This is such a great response, thank you. This definitely gives me more confidence to pursue the safer option right now--at least to start out and get my feet wet first before taking something bigger with more risks. 

Not a problem. You seem very sharp so I don't see you having a problem in the housing enigma of the investing world. Just remember that if you do good the first time, that was just luck. You have to fail at least once to be considered getting something PERFECT. Go get them @Minh Nguyen !

Personally, I'm quite satisfied with a condo I invested in. Although it's not the most popular option, I decided to try it, as I was convinced by the manager I worked with. Last year we bought a condo in Valencia here. Fortunately, it turned out to be a right decision. One of the main advantages is that is was cheaper than buying a single-family home. Besides, the resale demand for our condo keeps being high, so we have a good exit strategy in case we need to sell. As for some numbers and other futher details, message me directly and we will discuss it, if you are interested. 

We always hated Condo's because of the condo fees etc etc. BUT we had to buy one for one of our aging parents. After 7 years it just about doubled in price.

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