Condo to build Equity

[Account Closed]

Hey all, so I just moved to Phoenix two weeks ago. Im currently living rent free with a buddy of mine for about 2-3 months before I have to get a place of my own. I really believe in the podcasts ethos of, "Just get your first deal", so that is what I'm trying to do. I have some money saved up for a 3.5%-5% down payment on a small condo in the 75k-85k range. There are plenty of people who swear by not investing in condos but it just seems like they're just more risky with HOA fee hikes, potential litigations, etc. Point is, what do you guys think of a condo as a first investment if proper due diligence is performed? Thanks!

[Ryan Swan]

@Account Closed welcome to Phoenix!

I'm definitely an advocate for getting in the game and buying some real estate while interest rates are still low. Using a low down payment option for your primary residence purchase is the cheapest and easiest money you'll ever get (compared to an investment properly loan). 

Due to current demand and price increases, there aren't a ton of condos in the price range you listed. My best advice is to live rent free while saving like crazy. You'll find a big difference in condos priced just a little higher around $150k.