Condo purchase for rental???

[Mike Williams]

Hey all:

I have 9 single family homes as rentals. I stay within a basic protocol of 3 bedroom starter homes that I can easily sell one day when I am ready to move on… That said, I am looking at a few condos (that were coverted from apartments) for super cheap. It is in my area that I have all of my homes so I am comfortable with the area. I can buy these for 30k and rent them out for $600+ per month. I am typically buying homes for 70k and rent them for 1k per month. So, the ROI on the condo is very attractive. My concerns are: Higher turnover (its basically an apartment), exit strategy (Is anyone going to purchase a fractured condo?)

In the end, I am all about the cash flow so I shouldn't be so worried about the exit strategy because I have long term plans.  But… I know the future is always uncertain so I like to have options… Thoughts?

Thanks.

Mike