Atlanta Intown: Invest in Condo or SF Home? (to rent)

[Tracie Cabler]

Hello Bigger Pockets!

I'm looking to invest in my first rental property but am torn between buying a condo vs. a single family home. The upside to a condo had seemed to be less maintenance both initially and long term. But from what I've heard, HOA fees do not cover maintenance required inside the unit, so I'm not sure it would necessarily save me money. Does anyone have any thoughts/experience to offer on this?

A condo also seemed like it might be easier and quicker to rent vs a SF home. I should say that the condos I'm looking at are in a nicer and generally safer location (East Atl/Midtown/Downtown for those familiar with the city) than the SF homes (Westside Atl i.e. Adair Park, new Falcons stadium).

Very new to all of this so thank you in advance for any recommendations!

[Rick Baggenstoss]

Hi Tracie - Definitely a single family home. All you need to do to confirm your decision is look at the huge number of apartments coming online in Atlanta. At some point, these might go condo. The market could (has historically) changed quickly on the condo market and you're underwater. Unless you are on the board and can control the HOA and plan to hold forever, I would not consider it.

An easy way to avoid the hassle of homeownership is property manager.  Buy a nice house (in a transitional area) with a long outlook and you'll do great!

Rick