My goal is to buy my first condo for a rental. Any tips?

[Manthan Patel]

I am checking out few condos for a rental investment. I have made up my mind to start with one rental and slowly grow my portfolio. Being in NJ, market is super competitive, so need to figure out how I can maximize the profit. I already have a realtor working with me but any protips being a landlord would help 🙏

[Joe Norman]

A couple of thoughts specific to condo investing:

1) Be sure to include the condo fees into your cashflow analysis, and budget for potential assessments as projected capital expenses

2) Make sure the condo association is solvent - a good litmus test is whether or not the units are approved for FHA financing

3) Make sure the condo association rules/regs allow for rentals

Good luck!