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Updated over 8 years ago,

User Stats

90
Posts
5
Votes
Sunny P.
  • Investor
  • Cincinnati, OH
5
Votes |
90
Posts

Why not condos?

Sunny P.
  • Investor
  • Cincinnati, OH
Posted

I have a full time job that keeps me fairly busy but I am anxious and excited to grow my RE portfolio.  I started RE investing about 5-6 years ago.  Actually, when I was in grad school, I bought a condo in Columbus to live in.  This was in Jan 2009.  I lived in the condo for about 2.5 yrs ago and then decided to move to Chicago for a job.  This was June 2011.  I had a choice of selling and taking a loss or attempt to rent it out and I did in less than a week.  

That tenant ended up staying for 3 years.  Then in July 2014, I decided to rent it out again.  When I was showing the unit, I noticed another condo for sale literally 2 doors down.  So I put an offer and ended up buying that one.  Both got rented out very quickly. 

Purchase price of 1st: $150,000

Purchase Price of 2nd: $140,000

Rent from 1 and 2:  $1400 each per month.

HOA fee: $149.

So lately, I have been finding out more and more condo HOAs won't allow investors.  Plus, I am not really finding DEALS where I can get 1% of purchase price in rent per month.

I am guessing Condos are not popular with RE investors here.   I like condos because they are somewhat maintenance free..

I am not sure but it seems like when the rent can be $1200-1500, it is a sweet spot.  My reasons for not doing something too cheap:

Bad quality tenants...won't pay rent on time...

Possible eviction issues...

I am ready to get my 3rd one but having a full time job prevents me from buying that that needs a lot of work done..

so what do you suggest?  Can I get 1% in rent per month?  btw, I live in Cincy now.

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