Condo purchasing for a new investor

[Lolita Rogers]

Any thoughts on purchasing Condos as rental properties for a new investor? The pros and cons, please.

[Jason Wray]

Lolita, Purchasing a condo can be easy and a great way to house hack. If you own a home and can buy a condo as a second home you can get 90% LTV financing. So live up north and want to buy a house in Florida for example. Condos are not as expensive as say NY, CA or other major cities. Nothing wrong with buying a condo for a good price with a low HOA reason why is because your taxes will be cheaper, your HO6 insurance (Cheaper than HOI), and maintenance will be cheaper in most cases! not only that but a lot of times you can work something out with the property manager to help you in times when something fails or breaks that needs immediate attention. Also you can rent it as a fractional, AIRBNB, or STR and still go down to enjoy it with the family! Let someone else pay for and clean the pool, mow the lawn, work on the roof etc...thats what the HOA fee's are paid. Hope that helps.