Condo Investment or rent and keep saving

[Luke C.]

Hello Everyone!

Need some help.. I have been searching for a duplex now for two years and I'm getting tired of throwing my money into rent. Recently come across a condo for around 69k. Its one bedroom with 1000 sq feet, condo fee is 135 which includes heat water and trash, taxes $1200. I will save depending on the loan 100 a month. Nice place, built in 2004, great location has patio though it looks worn which I am waiting to hear about. My wife and I were thinking we would live there a year or two then rent it out which is allowed pending approval which I will also get more info on.  Any thoughts?  Is this a good idea? If so what loan type should I do? Guess condos are pretty new to me.

[Eric Marofske]

It is hard to say whether renting it out after a year or two would be a good idea without knowing how the property looks from an investment standpoint.   Have you ran any of the numbers?

Condo investing presents some unique risks, including the presence of an HOA. There are some great posts on BP on this subject that are worth checking out before jumping in.