Investing in condos?

[Elsa M.]

Hi BP community!

Quick question, What do you guys think about investing in condos? Is it a good or bad idea?   I will soon be buying a duplex and will occupy one unit.   Looks like most investors are purchasing multifamily properties, and I thought about only buying multifamily but they are so hard to find and the ones I can afford need work that I don't want to invest the time and money to do so( I know there are loans you can get to help with rehab, but still.)

On Realtor.com I see soo many condos and town homes at an affordable price and much better condition, I am thinking about only purchasing these types of properties. Is this a bad idea? What if I am able to get a decent cash flow and ROI on these properties, should I go for it? Or should I stick to multifamily units.

My goal is to have no mortgage or very low mortgage, and accumulate $1M+ in net worth in 10years.

What to you guys think? I have a friend in real estate who is advising me not to go with condos cause the cash flow isn't there. Btw she is a newbie as well.

Thanks for your input!!

[Raul R.]

I invest in Condos, I believe for beginners can be a great way to start typically you’re only responsible for 4 inner walls anything outside your HOA typically covers it but you need to confirm.
The biggest negative are HOA fees, they can go up, have assessments, give you fines and you pretty much have no control over what HOa does (unless you have time to be on HOA board)
Also it might be harder in finding financing if majority are investors..
If the cash flow makes sense and you take the HOA fees under account it can be a good way to start but I don’t recommend 100% of your portfolio to be condos..