Initial Investment in townhouse or condo

[Chris-Paul Blair]

Hey BP family. I will be purchasing my first mortgage property. I'm located in south Florida.  My plan was to purchase a 3/2 or 3/3 condo or townhouse for mtr.  What are your thoughts?

[Ash Hegde]

Homeowners associations make condos and townhomes a little more risky.

Be very careful about rental restrictions. Many HOAs down here don't allow rentals at all and those that do often have time restrictions (such as only one lease per year) that could affect medium term renting. 

Find out about the financial health of the HOA as well so you don't get hit with unexpected special assessments for community repairs.