acvader Question : The condos a good way of getting into property investment ?
I’ve always been interested in real estate. I’m 25 and I’m really considereing make my first steps on an investment property. I think a condo would be a great way to realize commencer.Je condos do not offer much potential for profit as a house, but they are mostly cheaper and seem to be a reliable source of income if you can rent one on. I am interested in Orlando, Miami and Las Vegas as areas potentiels.Je prefer that people experienced in real estate to respond. preferably someone with experience in the condos. Thank you. Best answer:
Answer by
Hatchlands
Condos are a good springboard, yes. If you do not live on the property, however, your loan will be more difficult because lenders prefer owner-occupied properties on the tenant occupied. Why not live in your first acquistion, perhaps a duplex? This way, you get the best of both worlds. Duplex and have a great value revente.Quoi you do, do the math CAREFULLY. Condos have a monthly fee that must be considered, and property taxes and maintenance add up. Make sure there is a positive cash flow or, if you live there, that, given your own a home, he works for this raison.Bonne luck!
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Condo’s are a great way to start. You are wrong about condo’s not offering as much profit as a home. Condo’s are much cheaper than homes regarding price vs rent possible. More likely to pay their own way. The problem is that condo fees and taxes have go up so much it has eliminated much of the benefit. There are still some condo’s for sale that are good deals. Don’t buy anything that won’t almost pay for itself. It will be a while before prices begin to go up again.
Depends on the location, but condos can be very lucrative. If you’re looking at an area that has more families than students, try duplexes. Look at the vacancy rates of the area as well. Now if you’re looking for good returns in real estate without the heavy risk, try using tax liens as your investment vehicle (average return 12-18% year).