Owning multiple units in the same condominium?

[Tommy Cheng]

What are your thoughts on owning multiple units within the same condominium complex? For example, owning 3 Units in a 15 Unit Complex.

Basically, I've seen this deal presented a few times, but even when numbers work, it's tough to pull the trigger being that you don't own the whole building and are relying management to upkeep the building and its surroundings. Also, there's HOA fees involved. I just wanted to know if anybody has done this before.

[Bruce Lynn]

I would probably only do this if you plan on buying all the units at some point.

You have to think about exit strategy as well.  Might be tough to get financing for resale as many lenders have restrictions about one owner owning more than 20% of the units in one development.

Very few condos work well for rentals due to the HOA dues, so have to be careful there.

You would think more 1st time home buyers would be looking at condos to buy due to the lower prices, but so far not sure that is true.