Keep going back and forth on SFRs, Condos, Multis...

[Kyle D.]

I keep crunching numbers on SFRs in an area I'm interested in (3/2/1 ~ 130k, 3/2/2/ ~145k) and also condos in the same area (though 2/2s , some 3/2s, 3/3s) and the $/door/month is in some cases close to double ($200-250 vrs $450-500 for condos).

I know there are some negatives with condos - the "special assessments" - can someone give me some real life scenarios that I can use to deter me from going and putting some offers on these condos? Even if they have a $1000 a year assessment, I would come out ahead. Would it be more difficult to sell/exit/portfolio wrap? Again, may be specific to my area of interest.  

I also can go up to New Port Richey, FL area and pick up $30K 1000sqft 2/2 block homes that need about $15-20k in rehab and rent them for $800/month. That is my second option - after condos. SFRs in the Palm Harbor, Dunedin, Safety Harbor, Oldsmar, Lutz area are just so skewed and in a "mini bubble" from the hedge funds dumping 1 BILLION dollars over the past several years into the Tampa Bay area in 3/2/2s.

Or do I keep going down the path of Lance Edwards book BIG MONEY SMALL APARTMENTS (which I took a detour from by looking at these SFRs) -  keeping in mind I do not have much real estate experience (one of his biggest points was saying you dont need to "graduate" from SFRs to multis).

cheers,

kyle

[Brie Schmidt]

@Kyle D. Every market is different so hopefully someone from the Tampa / Clearwater area can chime in.

Personally I am against condos because in my area a large portion of them had rental restrictions or bans.  When the crash hit they removed the restrictions or bans because they wanted to avoid foreclosures in their building, but it is written in the bylaws and can be reactivated at any time, and they are starting to do so.  Make sure you read the bylaws!