Where is the value in buying a condo?!

[Mike Verrona]

new to real estat . Started getting my feet wet and browsing some condos in my area. 

I always thought the sooner you buy then sooner you own the better. 

But when looking at condos and these outrageous HOA fees - I just don't see the value anymore.

Isn't the point to eventually live rent free? I mean $800+/monthly in HOA is crazy .

So why do it. Nevermind for means of profit or residuals, but for ones self.

Am I missing something lol?

[Ronnie Sparrow]

For me its all about cash flow. Condo fees can really eat away at your cash flow. Look at your numbers before you buy a condo and figure out how much cash flow will end up in your pocket each month. I just wholesaled a condo which I got under conrtract for 10K and wholesaled it for 15K. It was a 2 bedroom 2 bath, rents for $850.00 HOA fees are $321.00/mos. He paid cash for it so he has no mortgage. THe HOA fees cover the water bill, insurance for the exterior building which includes the roof and security. So do the math and if the numbers work in your favor then you decide what yo want to do. Every deal is unique. During my education I was taught to stay away from condos but in reality just run the numbers and then make your decision.