Comment: Thanks everyone for your help!

(See in situ)


Michael Nystrom's picture

Thanks everyone for your help!

I'll pass it on. I'm sure there is lots here that is of use. There has been for me.

My personal opinion: I would never want to buy a condo again. It is too complicated. Like my lawyer said - you're in business with all those people who are also co owners. The problem is, you didn't choose them. And they all have their own interests.

In the last place, there were basically slumlords who bought their units a long time ago and just rented them out on the cheap. Renters don't care about their environment - they're just passing through. This creates a conflict for those who actually want to call the place home. You're in conflict with those renters, who don't care, and therefore abuse the place, as well as the slumlords. All they care about is getting their rent check each month. They'll let someone else (the people who are invested there) do the tedious work of upkeep of the property.

If there is a property management company, someone has to manage them. Someone mentioned below the amount of fraud and graft taking place with their management company. That will absolutely happen unless someone is keeping a close eye on them. It won't be the renters, and it won't be the slumlords.

On the other hand, I would NEVER buy a place that I couldn't rent out. And if there are too many restrictions - then what is the point of owning at all?

IF you're going to have to share a wall and or ceiling with other people, I would buy a duplex or triplex. Then you have some level of control over who's living near you. Additionally, depending on the market, you get your tenant(s) to pay off much of, if not all of, your mortgage. That depends on the market. Not only that, since you're running a business, you can write off a lot of your expenses - expenses that ultimately end up improving the value of your property.

And of course, eventually, you can move out of your own unit and rent that one out, too. No one is going to tell you that you can't.

This is what is truly called an asset. Eventually, after the tenants pay off your mortgage, you have a nice income. You get three units of rent coming in every month. Forget Social Security - THAT is your retirement plan.