Buying a condo a good investment?

[Jason Butler]

Hey, everyone, I want to get into the Real Estate investing. Right now my main goal is to buy something stop paying rent. 

My Plan is to buy something cheap, live in it, save more money and sell. 

I have about 13K saved up for a downpayment. 

Not much for a decent home in a decent neighborhood. 

I think maybe I should get a condo so I own something and not paying rent. I know it's a long shot to sell a condo for what you got it for correct?

Maybe I won't sell but rent when I move.

Anyway, should I buy a condo base on my situation? 

I am told it's not smart by a friend. 

Thank you for the advice. 

[Josh Mitchell]

@Jason Butler Condo could be a good way to go, but you will have to make sure the numbers work. Could you buy a 2 bedroom, and rent a room out to help pay the mortgage? I would just make sure you review the HOA decs and bylaws to make sure that they allow rentals in the building you purchase. The danger with this is, the HOA could tell you that they no longer allow rentals at some point. Also, the HOA dues that are typically monthly charges sometimes make cashflow hard on condo's. Good luck!!!