Rental Property Investor · Member since 2019 · 69 posts · 38 votes
Hello all!
I am new to real estate and would love to learn more. I have read the bigger pockets book by brandon turner and have done alot of online forum reading mainly reddit. I am currently in the Connecticut market and I would love to know from experienced landlords if getting a town home or condo would be a good initial rental since their relatively cheaper than homes. Looking for some insight!
My partner and I have actually had better returns on our condos than from our 100 year old 3 family in CT. The numbers don't work on most condos (just like SFH's in CT), but they do on some. Selecting the association is just as important as the unit. Look at their reserves, unpaid assessments, and for signs of deferred maintenance on major items (roof, parking lot, siding, etc.) I also like the fact that the association takes care of exterior maintenance and those costs are lower pro rata than if I contracted myself fro a stand alone. Condo prices can be more volatile than other types of RE, and prices have gone up substantially in the past two years, but it is still possible.
Thank you @Kwame Darko for your question and @Ed Matson and @Sam Shueh for your replies. I too am in the middle of purchasing a townhome and have been asking myself this same question.