Condos as investments

[Account Closed]

Has anyone ever heard of Platinum Properties Group based out of Vancouver Canada ? I'm interested in investing in condos through them but I'm curious as to how successful they are. As this will be my first investment I'd like to get some advice on weather or not a condo is a good real estate investment.

[Logan Hicks]

Condos are always a bad idea unless you can get at least 51% of all the properties. HOAs will massacre your profits. If you can get at least 51% of the shares, ensure you can abolish the HOA by means of a majority vote. If so, buy them all, wait till the area fully populates, and strike down the HOA.

At that point, most people are trapped in a particular mindset already, and are trapped in the mortgage.

Your profits will rise due to the HOA being gone.

Otherwise if you cant get out of the HOA fees, simply go somewhere else. Its just not worth it. It you want a lot of cheap properties per door, go after MFUs.