3 Condos or 1 House

[Petro P.]

I want to take $100k of my money to start getting into real estate investing. The goal is long term, to accumulate a few properties, have tenants pay the mortgage, and eventually sell for a good profit (5-10 years)

Here in South Florida i can buy a decent 2/2 condo for about $60k-$80k, so with 25% down i could get about 3 of them and make about $100/month each or so. Or i could buy 1 decent single family home for about $250k and make $200-300/month.

I cant figure out which would be best. Condos have the HOA to deal with vs the house may not have a HOA. But the house could have larger repairs in the future.

Any advice?

[Rich Weese]

As one who absolutely hates condos, do the house deal of the 2 options. I have not found houses to require more repairs, to the contrary, residents are more stable and longer term.
Condos have the unhidden costs of "special assessments". This could literally BK an association. Also, in FL (I live here) , there are many fractured associations which will be a nightmare.
Last concern- a 2BR is functional obsolescence, imo, and will lead to higher turnover. Good luck. Rich
p.s. You could've asked other questions about using the 100K in more beneficial ways, depending on your current situation, strategy for growth, income/tax status etc....