SDS..
No offense taken in any way. It’s an opinion.
Please do not regret chiming in.
My first property that I bought in 1980 was a condo. I lived in it before renting it out for awhile.
I have been a landlord for 30yrs with various types of properties.
I am not saying that one cannot make money from a condo OR that it wont cash flow; at least in the short term.
There are many things that people do that work out fine through nothing more than dumb luck, without realizing the real risks.
In the stock market, there are terms like smart money & dumb money. Dumb money often buys at the top and smart money was in at the bottom, (and sold out at the top)
IMHO condos are a much riskier investment than SFR’s, duplex-triplex-4plex. I am a huge believer in being a landlord, but never on a shoestring budget.
A condo assn may have been fine for the past 20yrs but the shoe could drop at any time. Complexes can deteriorate quite rapidly.
PERSONALLY, I’m not going to be an owner of a unit that is subject to 1000 different possible reasons for major litigation, and I’m not going to wonder what the next scare is going to be(i.e. lead paint, asbestos, bad piping, Chinese drywall, etc)
Many don’t seem to understand that a condo only gives you ownership rights to the airspace within the walls.
You dont ‘own’ the walls out, nor the dirt underneath the unit.
It’s a personal decision, but I would rather own
SFR’s or multi-units out of the area and employ property a manager rather than own a condo just becuase it’s local. If a SFR burns down you still own the lot.
I wish you all the best and hope that nothing aggravating comes to you as the result of being a landlord of a condo.
ONE bad owner or tenant can make things really miserable around a condo complex, and may not something that they can be forced to change.
You don’t know what tomorrow will bring and you have very little control over a major problem in the complex that you WILL BE partially responsible for.
