Question by acvader: Are condos a good way to break into real estate investing?
I have always been interested in real estate. I’m 25 and I am really considereing making my first move on an investment property. I think a condo would be a nice way to start.

I realize condos don’t offer as much potential for profit as a house but they are for the most part cheaper and seem like a reliable stream of income if you can rent one out. I am interested in Orlando, Miami, and Las Vegas as potential areas.

I would prefer that people experienced in real estate answer this. Preferably someone experienced in condos. Thank You.

Best answer:

Answer by hatchland
Condos are a good stepping stone, yes. If you’re not going to live on the property, however, your loan will be more difficult because lenders prefer owner occupied properties over tenant occupied ones. Why not live in your first acquistion, perhaps a duplex? That way, you’ll get the best of both worlds. And duplexes have great resale value.

Whatever you do, DO THE MATH CAREFULLY. Condos have monthly fees which must be considered, and property taxes and maintenance add up. Make sure there is a positive cash flow or, if you live there, that considering your gaining a residence, it works for that reason.

Good luck!

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