Is renting out a condo a good idea to start?

[Anthony Di Biase]

I would like to start investing my money in real estate however, I’ve been looking to buy a triplex for a while now and I haven’t seen anything worth buying. Is buying and renting out a condo in Montreal area worth it?

[Corey Hawkinson]

@Anthony Di Biase I know nothing about the Montreal market, but my first two rental properties were condos. They have both worked out very well for me. 5-10 years later and I still own each of those condos. I will likely sell one in the next year to upgrade to a larger property.

There are pros and cons of condos. The main con is that you are subject to the HOA rules which can change easily. The HOA also takes a little bit of your profit away. However, condos can be good as they ideally require less maintenance since the HOA handles many of the property upkeep. (But again, you're paying for that upkeep through your fee)