Condo investing in metropolitan cities

[Hank Sajak]

Hello 

I would like to get seasoned investors’ input and feedback regarding real estate rental investing.

I own 6 condos ( costing 500k-1 mil to buy) in downtown Toronto and I have been enjoying this class of investment.  I have been managing them myself. I find the cap rate around 3% and appreciation around 9-10% a year in the Toronto market. Finding tenants has not been an issue as vacancy rate is around 1% in the city. 

I would like to buy more condos and hopefully own at least 10 plus as a second source of income I can retire on one day. 

Now, everyone I speak to keeps telling me I should buy detached homes or apartment building instead as they are a far superior investment. I agree they appreciate more but when I do the math and factor in stress of managing or needing to to hire managing company. 

So my question to any investor that has owned condos in major cities like NYC , LÁ , SAN Fran etc over the long  , Have they been good investments ?   or am I short sighted 

any  input  helps 

[Michael K Gallagher]

@Hank Sajak I'm not a seasoned major city investor but just from reading your post if you like that asset class and the returns are meeting your needs then its a great investment.  I don't really think there is a "correct" strategy here.  I also have found that people who don't like investing in or buying in condos just don't like dealing with the condo associations.  but if thats something you are good at, then perhaps this is a strategic advantage you have to be successful in condos...and further more how many of the people telling you to buy detached homes have investment properties of their own?