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Updated almost 8 years ago on . Most recent reply

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Rahul Sunkavalli
  • Franklin Park, NJ
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Condo Investments a Good idea?

Rahul Sunkavalli
  • Franklin Park, NJ
Posted
Hi BP, I am looking to get started in real estate investing. Currently looking at condos in NJ but I do not see how wealth is built from investing in condos. I do not anticipate high appreciation and the cash flow is a few hundred a month at best. am I looking at it the wrong way?

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Frank Chin
  • Investor
  • Bayside, NY
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Frank Chin
  • Investor
  • Bayside, NY
Replied
Originally posted by @Rahul Sunkavalli:
what types of properties work best for a beginner to invest in? Condos I looked into due to lower initial capital to get feet wet but analysis is telling me theres other ways to build wealth. Opinions on multi-famalies or single families?
 

I started off buying a 3 family and living in one of the units. I got a new job, was moving back to NYC, and was looking for a SFH to live in. My mother in law knew I wanted to invest in real estate, suggested that instead of a SFH, do a 2 family or 3 family first. She turned out to be right.

The advantage here is you can get a Owner Occupied loan up to 4 units at the more advantageous owner rate. On site managing is a little easier than long distance, so its like training wheels for property management. One owner gloated on another real estate site some years back, claims he buy a 3-plex or 4-plex every few years, move into it, to get the owner rates, and the smaller down payment involved. While theoretically I could do it, it's a little too much moving for me.

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