All Forum Posts by: Justin Reyes

Definitely not. If I could erase this post, I would. 

@Frank Jiang wow I didn’t look at it in that way. I’m definitely not doing it now. He made it seem like it wasn’t breaking the law. But yes I heard about those one time assessments with big expenses. I think I’m a stay away from condos. Thanks

@Mike McCarthy yeah I talked to my lender and told him I plan on renting that and he said there is no way they can make sure I’m living there. He said it’s not like there are going to send a investigator there.

@Melba Chambers thank you. I will definitely check into that

Hello I'm looking to buy a condo. There is this one bedroom condo for sale that's about $100k. I want to buy it because it's in a prime location and I'm sure will be easy to rent out. I was looking to take a FHA loan out for the condo and my payments would be about $550 a month plus a $178 condo fee. I know some people that live in the complex that have a similar layout that's paying $1300 for rent. The cash flow seems to be there but I keep hearing negative comments about buying condos. Does anyone have any advice or experience in buying condos?

@Daniel Reyes The best last name in the world! Lol yeah And thanks for the advice! That makes a lot of sense!

@Michael Slockers yes I’m super shocked on how much attention this question is getting a lot! I’m extremely grateful for all the advice. To answer what a lot of people is saying about finding other ways to invest, there is no other way. I don’t have any friends or family that will help me and I don’t have a 700 or higher credit score. I’m just hungry to jump in. I feel real estate is my calling.

@Abel Pacheco TEACH ME! Put me under your wing your doing EVERYTHING I dream about.

@Brock Mogensen thanks Brock for the advice! I’m actually checking off all your points and I agree! PM, and proper staffing is everything when it comes to property management.

@Ricky Davis Yes I agree with you. Study the rich. Every time I hear someone’s story on the Bigger Pockets podcast, they always say they took a huge risk and now own xxx amount of properties. 8 years ago I used to be homeless living in a abandoned house for over a year not knowing where my next meal will come from. I end up getting a job at Home Depot and saved up all my checks to buy a car, and then got a better paying job. I know what it takes to put in work and I’m not scared to fail because I truly believe there is nothing that can’t hold me down. I’m going to take this risk on taking out my 401k and I promise I will share a success story later down the road. Thanks again to all of you people that took the time to give me advice. #AppreciateIt