All Forum Posts by: Alexander L Gulledge
Alexander L Gulledge has started 5 posts and replied 13 times.
Post: Condo Rentals vs Single Family Houses
- Rental Property Investor
- Columbia SC
- Posts 13
- Votes 13
Quote from @Michael K Gallagher:
@Alexander L Gulledge first i'll say that anything can be a good buy and hold investment if done so with intention. But things to consider with condos that I always look into for my clients.
1) does the condo rules even allow for rentals, if so what are the limitations, are leases a mini
3) How much and are there limits on how much the fee can go up for the HOA year over year. you don't want to get a surprise bill in year 3 of ownership and the HOA fee has 4X.
All in all I have clients that have very successfully invested in condos as an asset class and these often times let you get into some luxury rentals and corporate rentals as well if thats the asset class you are going after. Overall they are certainly doable, but must be done with intention.
If you are going after cashflow, I'd encourage you to look at a duplex or a single family that is large enough to rent out the rooms separately. A house might rent for $1300 as the entire house, but each room might rent for $800...as an example.
Great feedback! Thanks!
Post: Condo Rentals vs Single Family Houses
- Rental Property Investor
- Columbia SC
- Posts 13
- Votes 13
Hi All,
I'm looking for a second rental property (my first is a single-family home and I was hoping to find another as a buy and hold investment) and with the current market, I'm having trouble finding deals that make since. Using the calculators and doing my own research, the SFH I find that would cash flow well (>$300/mo net) are all in less desirable areas. This is leading me to consider investing in Townhomes / Condos. The rent to price ratio is better for these and I'm seeing some that could make since. I'm just unsure of this asset class and have heard horror stories about dealing with HOA/Condo rules etc.. Wondering if Townhomes / Condos could be a good buy and hold investment? Im in the Columbia SC market. Any thoughts or advice would be greatly appreciated. Do any of you have townhome / condo investments? How has that worked out for you? Thanks!
Post: First time poster, new to real estate, very hungry
- Rental Property Investor
- Columbia SC
- Posts 13
- Votes 13
Hey Robert!
Nice to hear from you. Like you, I'm in the same boat - work 9-5, young kids, hungry for opportunities in RE, and looking to build financial freedom so I can escape the corporate world. I've started with Single family long-term rentals and have been doing well with it so far.
My question for you is "Why small multi-family out-of-state" ? That seems like a difficult place to start...