If you are just getting started with real estate purchases, you may be combing through real estate investing blog after blog looking for advice. Many shows that feature real estate purchasing and flipping will concentrate on buying and fixing homes to sell. If you are ready to dive into the world of investing in real estate to rent out, you may want to go about this in a different way. For the newbie real estate buyer, here are three reasons why you should invest in condominiums rather than single family homes.
Purchasing a condo block means easy landlord-ing
If you find low priced condominiums that are in the same building, getting these in rentable order and renting them out may prove much easier than different single family units. Whether you choose to interact with your tenants directly or if you would rather use a property management company, attending to individuals in the same building is much easier. You can make one stop for routine check-ups on the property, take care of any maintenance issues the same day of the week, and collect rent all within a short span of time. Being a good and present landlord when necessary is easier when all of your properties are just a few doors away from one another.
Condo associations can help cover the big fixes
When you invest in real estate, you are committing over the long term. This means that you will be responsible for fixing and paying for any issues that may happen with the property. Unforeseen problems can include holes in the roof, hot water heaters needing replacement, and plumbing problems. When you own a condo inside of a building with a condo association, the association may be able to help you with some of these problems. For example, some condominiums have maintenance men that can work on building issues and most will keep a roof fund for problems with the condo structure. Having help with big-ticket items can keep you in real estate business.
You can make condos a package deal
If you become interested in reselling your properties later on, you may find it easier to sell condominiums that are purchased next to one another. If the condo building allows for renovations, there may be individuals that are interested in purchasing two properties that are next to one another and turning them into a penthouse. Purchasing several condos in blocks can mean that you find condo buyers who may be interested in purchasing more than one property to turn it into one large property during sell time.Share