BRRRR Strategy for Condo Rentals?

[Jonathan Darling]

Hello Everyone,

My name is Jon and I'm a new member here on the Bigger Pockets forums and a newbie to real estate investing in general. I've watched all the Youtube videos, listened to all the podcasts, and read all the blog posts about the BRRRR strategy I could find but I haven't seen anything that covers how this strategy might be applied to buying and renting condo units. Does anyone have any experience doing this? In my area single family home rentals isn't quite as common as apartment or condo rentals so I was thinking about starting off in real estate investing by trying to us the BRRRR strategy to buy and rent condos. Has anyone here on the forums done this before?

[Kyle Mccaw]

You need to really watch out for condo fees. They can eat up profit quickly. The big difference is you give up some control so you need to be careful who else has power over your property. Be sure the community is friendly toward rental units. I have had my but burned after buying a condo that the hoa was taking over by a single investor that owned 90% of the complex. He/HOA voted a large assessment against all the properties to upgrade the property. He happen to own the construction company that was awarded the project. Needless to say my profit got blown fast. I say this to make you aware that when you buy into a condo you need to be aware of all the risk.