Wanting to invest in a condo apartment ..... Will this be a good investment ? Rent it out ?

**21elnegocio** · 04-25-2011 03:11 AM

Well I was thinking on buying 1 condo apartment their aroun 8,000 to 10,000. Will it be a good idea to invest in one and rent it out ? and what do i have to pay once I own it is there like a monthly charge for like any kind of services from the building ??? Once I have enough for 2 condo apartments im willing to make that second investment to buy the 2nd one

people please give me ideas opinions k

**21elnegocio** · 04-25-2011 04:48 PM

HELP ME AT LEAST SAY IF ITS NOT A GOOD IDEA ! By the way im 20 and i dont really pay any bills at home.

**cruci** · 04-27-2011 10:22 AM

8,000 to 10,000 , brother were do live?

**adonaaddie** · 04-28-2011 07:42 AM

Don't fall in the trap of buying a "starter home". It is a horible idea. You buy a house and pay ~2% in fees to buy it, then yiou turn around and selling it 3 or 4 years later and you lose another ~7% or so in more fees. Just keep renting, and save enough until you can buy the house you want. The only people that think starter homes are good for you are the people that make the fees I mentioned above. If you buy a home just on the border of what you can afford, you will NEVER be able to save enough to get the one you want. You build equity in the starter home, but it is such a small about in the beginning, after 4 years it is still very small.

**WhoIsRicardo** · 04-28-2011 11:57 AM

In this market I would suggest a SFR (single family residence). With the amount of people losing their homes due to foreclosure they're more likely to rent a home than rent an apartment/condo. Not because it's cheaper but many factors like the size, they're used to living in a home. Plus going from a house to an apartment isn't the greatest. The standard for a family is 3bd/2ba.

If you're looking to purchase a home I would suggest buying REOs which are "Real Estate Owned" by the bank. Pretty much homes that have been foreclosed on and are non performing assets for banks. Reason why they let them go for CHEAP. A great way to find REOs is making relationships with REO brokers in your area. That way they can provide you a REO list.

Also, before jumping on Real Estate Investing I would suggest getting educated. There's SOOO much to learn not just on how to find property but legal pitfalls, negotiating, funding deals with none of your own money using hard money or self directed IRAs, marketing, etc etc.

I could go and on as you can see. Feel free to ask any questions.