Are Condos A Good Investment?

[@jgtdragon]

Depends on location. I bought my condo in the bay area for 155k in 2010 and now its worth 400k

[@jessejames863]

lol 400 K in the bay area? I doubt that, its probably worth at least 600 -700 K, it depends on the city too.

[@OopsFailedArt]

@Big Bubba why don't you think he watched the video? He just gave his experience which proved Dave's point...

[@OopsFailedArt]

@Big Bubba but it doesn't... He was just sharing a personal experience like a normal human being. Thats what the comment section is for.. He affirmed Dave's view with his own life story proving he watched the video. No need to be rude...

[@RK831]

Yes, but if you bought Apple stock in 2010, what would it be worth now?

[@riverdaletales8457]

It's worth over 400k well did you take inflation into consideration

[@bhannig]

Got my condo for 64 now it's worth 110. First time I've ever had equity in anything.

[@sarahtara943]

Ben Hannig when did you buy it? And where? If. I can ask

[@bhannig]

@@sarahtara943 fargo north dakota back in 2011

[@Thejoeordinary1]

Paid 150 worth 200. Had it for 16 years.

[@wulver810]

What is it now? Did you sell it? If not it's worht 0 so shut up.

[@AleksandrVasilenko93]

People complain about HOA fees but forget that it can often be less expensive than doing stuff yourself. What matters is that the HOA management is solid, that they use the money collected responsibly and wisely. On top of that, a condo is a lifestyle, not a place of residence, that is something people look past. They are often in downtown areas and are walking distance from amenities that the new generates are looking for like public transit, bike lanes, bars, clubs, restaurants, and stadiums. And beyond that, many condos have stuff like pools, gyms, hangout areas, and rooftop patios that attract people. Look at what the HOA management does with all of this. Is it well maintained?

[@stevee8318]

"HOA management is solid, that they use the money collected responsibly and wisely" Hahaha, good one

[@Staaaarrrrrrrrrr]

Here we found on hoa member lol

[@constantine5141]

Q,,, ,

[@cabazaingram9703]

@@Staaaarrrrrrrrrr hahahaha right

[@KingStreetBrody]

@@stevee8318 some are kept very well not the ones in the hood usually obviously but sometimes theirs even gems there

[@israelthegamer2456]

I invested $76K in a condo in Florida and provides me $7,000-$8,000 profit yearly. I will never get that having money under couch, in the bank or in a fency car. Real state will always give you a lot more that having cash in hands.

[@Matzes]

Thats a solid ROI

[@RG-hf4et]

Where in Florida & how do you rent it out?

[@marykally8679]

~I~n~v~e~s~t~I~n~B~T~C~ ~~$~E~T~H ~W~H~T~~S~A~P~~P~ ~1~8~0~3~5~6~6~0~6~9~7~~

[@beautiful20106]

Where is Florida ?

[@ernieellan5694]

Holy cow that is a lot of profit! I mean you must be renting the condo out for 2-3K+ a month which is outstanding as well. It is highly unusual to be able to get such high rents for such a small unit(I am guessing for 76K you bought a 1 bdr in a poor area of Florida as good areas generally sell much higher). Good for you to be able to get so much from your property...you won the realty lottery!

[@alishiagivens1617]

Wish I would have seen this before I bought my condo. Managment/ HOA horribly ran!!! Delayed maintenance, horrible bookkeeping or should I say lack of! I bought at 26 years old... had no idea what a nightmare poorly ran HOAs are.

[@pkal244]

Thanks for the heads up. How can you find out this information before buying one?

[@shaqmaverick]

Preach

[@Vera-dg3hf]

@@pkal244 call the HOA company and ask them for info also contact the property management company. best advice is not to get into that.

[@sarahtara943]

How can I find out if it's poorly managed or not before I buy it?

[@kenya1067]

26 here and doing research 🤦🏾 this is crunch time lol

[@Josh-ii1eq]

Just bought a condo and put 20% down. Going to live in it for 2 years and pay it off. Its directly across from a major hospital and good restaurants. Hoa is $295 and includes heat here in New Hampshire (its cold). We sold our house and moved down in foot print to start paying off properties and renting them out. So glad I made the switch.

[@bettysmith7045]

Where in NH Josh?

[@steven13cody]

Your comment is now 2yrs old, and i am curious if you could provide a situational update? I am closing in on a condo in the town I’ll be finishing up my bachelors in & am shooting for some similar intentions as you stated. Thanks in advance!

[@Heavy_Distortion]

Condoms Are A Good Investment.

[@paolacadenasso8765]

Yes is a free living.

[@DairysEntertainment]

Naaaaah I save the difference by pulling out instead 😏

[@kylenetherwood8734]

@@DairysEntertainment High risk investment there

[@lenas5613]

😁😁😁😁😁😁

[@CKCrippledKnight]

I swear I read condoms too

[@mikemclean2459]

Simple advice for simple people. The deal is won or lost when you sign the purchase agreement. Understand your market and the financials of the complex you’re buying into. If the board isn’t well run, get on the board and solve the problems. Good video, Dave!

[@dabondoranaldo]

You need to find a good high-end condo - strict management is a good thing. They won’t appreciate like a single family. Cheaper to buy and rents can be as high as a single family which means the margins can be better, especially if you buy with cash. Smaller units typically have lower HOA fees and HOA fees are deductible when the unit is rented. HOA fees also cover desirable ammenities. For example, I have a condo with a low/deductible HOA that covers 24/7 door person/security, electrics/gas/water cable/wi-fi and premium channels, gym, pool, and free onsite laundry which can be advertised as ‘included in rent’. I did a good renovation which means I get tons of applicants and can always find someone with a good history and credit.

[@sachinnair1613]

Where do you have your condo, and how much do you cashflow on it? I'm trying to get a better understanding of where to target my numbers

[@Noc4ball]

Condos are only a good investment if the value appreciates by quite a bit... otherwise, no. Why? HOA fees add up.

[@asterisk911]

In my personal experience, the HOA fees are no more expensive than it would be to hire other people to fully maintain everything external to a house I owned without a HOA. So that simply boils down to: do you prefer to hire other people to maintain your yard (whether individually owned or shared), insure the exterior, etc., or do you prefer to do it yourself? Even if I live in a house, I prefer NOT to do it myself. So the HOA is a wash for me.

[@HendersonHinchfinch]

asterisk911, yeah HOA fees can be nice in that you have a lot of headaches taken care of for you. Just having to replace a roof can be around $10,000. It’s nice not having to fork over thousands of dollars at once for large repairs. Some associations do charge way too much for their fees though.

[@finisherjess3863]

Good points

[@inkey2]

@@HendersonHinchfinch that's why you do not buy into a development with high fees. At my yearly condo meeting with all the owners nobody wants to raise their own fees. Why would all the owners want to pay higher condo fees?

[@inkey2]

@@caribbeanbound8357 Well, where I live in The Boston Suburbs my condo development is just two brick buildings (40 units total) and a parking lot with a minimal lawn.....maybe 15 feet of lawn from the building to the sidewalk. No club house, no pool, no spacious grounds, no trees....that's it. That's why I chose to buy into this development. It is so bare bones there is nothing really to upgrade or spend any money on. I bought my unit here 34 years ago. I get my condo fee, my taxes, my water, my heat and all outside maintenance for $520. a month. "Renters" in my building are paying $1600.00 a "month" for apartments exactly like mine....725 sq feet. You definitely have to be careful when buying into a condo and having a Lawyer is a MUST to dig out any hidden details before you buy.

[@jaywilliam8367]

Depending on where you live, buying a condo can be the worst mistake you can make especially when it comes to HOA fees. It can be like buying and renting at the same time and repairing things yourself.

[@suepowell8799]

Besides the fact that you can get hit with massive assessments. Voice of experience

[@MyName123.]

@@suepowell8799 what's an assessment?

[@LukeBernardi]

Hey this is a really good comment. I am finding that condos are cheaper to get into but the hoa fees in the city are 500 a month

[@stanmoney8470]

I've seen some reasonable priced condos in Texas, but the HOA fees make me run! There fees are more than a single family homes fees!

[@LarryAnthony-ut8ok44]

The best investment one can do right now is investing on real estate though stocks are good but ever since I swapped to real estate, I've seen so much difference.

[@JerryLuca-nm9ru55]

I have been making a lot profit through real estate which has been the main source of my income.

[@JerryLuca-nm9ru55]

STEPHINE KOPP MEEKS she is whom i work with look her

[@gamesgeargadgets]

Condos can be a good real-estate investment. Like anything else. You might not get the same gain in value as a single-family home, but depending on the area it could be a lot easier to rent.

[@vivianblack2951]

When you look to buy a condo in Canada, the seller has to provide a year's worth of council (HOA) minutes.... read these over Very Carefully. They provide a good clue to the state of things in the buildings. I lived in a condo for 15 years in which time the price quadrupled and I now live in a little house in a small town, mortgage free.

[@ryansauchuk7290]

Got out of my condo just as the insurance increases were coming down. We got off fairly lucky but some places went up 500% and some couldn't get coverage at any price. I wouldn't buy a condo for ar least another 10 years until the insurance industry settles down.

[@canadianjatti]

not for pre construction...nothing for me to see when i bought mine

[@Landstalker1999]

Thanks for the good info!

[@jas7869]

Condos have too much regulation for me too much invasion and I see them as fancy overpriced owned apartments!

[@inkey2]

Depends on where you live. I wanted to live in the city where i grew up....but prices on homes sky rocketed over 40 years. My parents house went from $27,000 to 1.5 million. So for sure I couldn't buy a house. I bought a one bedroom condo for a great deal. Not everyone wants a house. I grew up as a kid living in a house having to rake the leaves from four 300 year old oak trees that were as tall as a missile silo, mow the lawn, shoveling deep snow, painting, upkeep.....forget it. I had enough of all that. I get my water, heat, outside maintenance and taxes for $510. a month. That's considered pennies for metro Boston.

[@inkey2]

@Chris Ev yeah Chris.....Boston area is crazy now. The small condo I bought for $73,000 would now sell for $300,000 and rent for $1600. to $1800. per month (if I had to rent a similar unit to mine). I never could have afforded to live here if I was buying now. Down the street from me a friend of mine sold his mothers small 900 sq foot house (actually more like a cottage). It had virtually no yard and the house had not been updated since the 1970s. Within 2 weeks on the market it sold for $550.000 to some developers who added two more floors on it.

[@inkey2]

@ LOL "you millenials"???? I am 66 years old. You clearly are responding to the wrong person.

[@inkey2]

@ well THANK YOU....i feel younger already

[@jessejames863]

@ Try doing that now in California!!!!! Times have changed SIR!

[@julieevanb]

I lived in an hoa condo association. I was on the board but I was the only one who truly understood how the reserves work and that we needed to keep raising the due to reflect the budget proposed in the reserve study. Since I have left the board and sold my unit, I have learned that the board has not raised the dues in 2 years even though the reserve study showed that the dues needed to be raised $20 a month for 4 years and then level off for inflation after that. They are living in la la land! When the roof needs to be replaced, as I feel that is probably the most important maintenance item, there will not be enough money there!

[@bettysmith7045]

20.00 a MONTH? That is crazy! I am hoping you meant year!

[@genxx2724]

The problem with condos is everyone thinks they won’t live there anymore when the big expense comes up. Denial. I’d rather keep the dues low and pay a special assessment when something is needed, because I can’t control what they do with the reserves.

[@julieevanb]

@@bettysmith7045 No, $20 a month. We had a reserve study done and that was their recommendation. That's how severely underfunded the HOA reserves are. Most HOA reserves are severely underfunded because the board members won't do the right thing.

[@jerzeedivr]

If they can't afford a roof then Concrete repairs would be the same.

[@kevatsavedbyYeshua]

That’s where I’m at now! The place is getting run down

[@Chicago48]

HOA fees are a deal killer.

[@wuyingren]

LiS Wright can u elaborate?

[@nashville2983]

yoy should look for low HOA options

[@marvinsalvador4579]

Aren’t HOA fees optional?

[@sarahm2878]

I'd rather pay the one time monthly HOA fee than mow my own lawn, pay for water, pay for snow removal, etc.

[@ChaceBonanno]

Sandra D exactly my thoughts regarding HOA fees

[@tahirisaid2693]

After selling a couple homes in 2022, I'm anticipating a housing crisis in order to buy inexpensively. As a backup plan, I've been thinking about purchasing stocks. What recommendations do you have for the best time to buy? On the one hand, I keep reading and seeing trader earnings of over $500k each week. On the other side, I keep hearing that the market is out of control and experiencing a dead cat bounce. Any Advice?

[@georgestone0123]

I concur; I've been in frequent communication with an investing advisor for more than 17 months. I definitely remember needing inspiration to keep my business running after a protracted divorce. I researched licensing consultants, sometimes known as portfolio coaches by some.

[@georgestone0123]

My advisor *"Rochelle Dungca-Schreiber"* , is a highly respected financial consultant in the industry. For further information or to connect with her, a simple online search with her name will suffice. I wish you every success in your endeavors

[@tahirisaid2693]

Heard many good recommendations about Rochelle Dungca-Schreiber by some YT channels, Seminars and other platforms.-

[@johnsalvatore1473]

I’m waiting as well. 2026ish

[@kayfarquar2034]

Make sure you find out all about Special Assessments. The board can increase the maintenance to pay for a special project. Not fun.

[@michaelyoung9047]

Kay

[@bettysmith7045]

@@inkey2 your association is poorly run! A well run association will keep enough money in the reserve fund, and pan ahead for those larger projects!

[@inkey2]

@@bettysmith7045 what makes you think there is no reserve??? We have plenty of reserve because the place is so bare bones......no grounds, no pool, no club house....."nothing" The assessments were because we didn't want to touch the reserve. Now do you get it?

[@seanmartin5056]

@@inkey2 why have reserves if youre not going to use it for exactly the situation that it is meant for?

[@bettysmith4527]

@@inkey2 THE WHOLE POINT OF RESERVES is so they don't have to do assessments in the first place, so yes, your condo association is poorly run!!!

[@agentsmith9851]

Dave forgets to mention, if HOA ends up in litigation would be pretty much impossible to find a bank to finance it. That would eliminate a ton of buyers. Plus they can raise fees, so actually run their budgets properly and take care of properties, some do not.

[@mySustainableStories]

The HOA fees are what keep me away. I owned a Condo, as my primary, and sold it for $80K more than what I paid, just a few years later. I took that money and bought my primary and a rental w/o HOA, closer to primary. I probably wouldn't buy a condo now, but it's a good start, if the fees are under $100. I am now looking for my 1st summer vacation home...and it won't be a condo.

[@laailaaahmed6182]

which states in the usa is safer for muslim american to buy a house

[@asmranonymousgaming901]

@@laailaaahmed6182 don't go anywhere in the south lol

[@cabazaingram9703]

@@laailaaahmed6182 washington state! there is a large community here north and south of seattle

[@genericuser-1]

​@@laailaaahmed6182phoenix metropolitan area, specifically the east valley

[@deadreckoner5276]

The geniuses at my HOA decided it was wise to charge owners to dig up and replace a square patch of asphalt where their car leaks too much oil. Crazy.

[@AStanton1966]

My parents condo had no separate metered-water service. Everyone paid a common fee. If you ever noticed, just about everyone, especially renters, like a clean car and are forever washing them. Never buy a condo unless you have your own independent utilities services--electric, gas, heat, water, etc.

[@theoracle6881]

Don't buy a condo, the end !

[@LivPoxleitner]

100k will get me NOTHING ( except a mobile home) where i live. condos start at 250k. houses start anywhere at 1 million. this is in british columbia.

[@ramizabdulahad8419]

Exactly. It's becoming the second California

[@inkedforever77]

Bought a condo for 235,000$ in 2017 in Ontario Canada, it is now worth over 450,000$ 4.5 years later

[@AmaliaMagenCohen]

I’m sure your Hoa increased too . Although yes you still made a profit

[@xMRxCHILL]

Wow did I read that wrong!.. I thought it said “Are Condoms a good investment?” And yes.. yes they are

[@joshlikings7437]

🤣🤣🤣🤣

[@drewgraham]

Was just about to comment this

[@actuallyterry]

I read it the same way. I was like... wait... what?

[@da11king]

😂😂😂😂😂 Great comment

[@Johndoe-us8ob]

What about the maintainence fees? The fees are out of the world.

[@invertedname3099]

My fees for the grounds are only $100 a money.

[@johnsmith-zx5er]

you have to make sure your allowed to rent out your condo before you but. realators will ALWAYS tell you its your decision but some condo associations won't let you.

[@HerrenGamingNews]

Absolutely they are! I've seen stories of people getting special assessments in the tens of thousands with only a month to pay! They also don't sell easily or increase in value.

[@cnsmiles]

Paying $362 a month for HOA on1250 sq foot loft. Increased by over $150 over the last 10 years . Effing BS.

[@Vera-dg3hf]

F THAT!! I am sorry :( I hope you sold by now

[@askhowiknow5527]

Condos are to housing what boats are to motor vehicles Can you get a boat that won’t ruin your life? Yes.

[@inkey2]

wow....I have never had any problems. Been in my condo for 25 years and saved a fortune. Had I not bought it I would be paying $1600.00 a month rent --vs--my $508 condo fee that covers taxes, water, heat and exterior maintenance . Oh and the best part is that it has gone up in value 400%

[@inkey2]

@momentinpassing hmmmm.....explain please

[@elvis4868]

@@inkey2 It means that the money you spent on the condo could have been spent on something more lucrative so the opportunity cost would be whatever a higher revenue generating asset is minus the revenue your asset is generating

[@inkey2]

@@elvis4868 I didn't want to spend it on something more lucrative. I wanted it paid off so my wife would not have a mortgage. I am 10 years older than her. I wanted it free and clear in the event of my death.

[@davidking4779]

Condo complexes full of rentals are usually problematic. I would wait and buy a distressed single family house in at least a medium neighborhood, two and two is my preferred unit.

[@inkey2]

a house in a medium neighborhood where I live is $700.000

[@mylifemyjourney1]

@@inkey2 ....same here (S. Cali) and I could only afford a condo right now. At least when I am old & retired I have a roof over my head.

[@inkey2]

@@mylifemyjourney1 The original poster doesn't have a clue as to what housing is going for in other parts of the USA. So I should move 500 miles away to buy a distressed house for cheap? I don't think so. People want to be as close to their work as possible. "some" condo developments can have problems but that's why you "always" have a lawyer to check out the development before you buy. The unit I bought years ago, a 725 sq ft basement unit with parking space in the Boston burbs would rent for $1700.00 a month now. I own my unit and my condo fee includes taxes, heat, water and all outside maintainence for $505. a month. In my area that's like paying nothing. Like any big purchase you have to do your homework on it.

[@mylifemyjourney1]

@@inkey2 ...thx for that advice. Definitely worth looking into condos. One bedroom in Orange County is about $1,700 to $2,200, in my opinion would be better to put that money into your own property.

[@inkey2]

@@mylifemyjourney1 opinion: Rates are crazy low right now. My advice to you is go for a 30 year fixed mortgage with "no prepayment/payoff" penalty. People go all mental on me when I suggest a 30 year fixed but hear me out.....a 30 year fixed gives you huge flexibility and low monthly rates. It's the "safe" way to do it. In good times when you have a lot of money you can always pay "extra" each month to pay it off faster. When times are tough just pay the regular low monthly payment. I paid my 30 year fixed off in eleven years paying down extra when things were going well for me financially. You may not know this but you have to be "pre-approved" at your lending institution before you go looking. They will give you a paper good for a certain amount of days that state basically " We will lend this person up to $$$$$ this amount " for a mortgage. Also, you will most likely have to put 20% down and still have money in the bank as a buffer. If you have any questions I would be glad to answer them on how I bought my place etc. OH and PLEASE hire a real estate lawyer to help you on your purchase. My lawyer saved me 300 bucks the first day I hired her. She disputed something that the seller was trying to pull.

[@eliot5220]

Condos can in some cases be a good investment. The secret is to find ones in a desirable neighborhood with low assessments hold it for a few years and get out before he assessments go up. The biggest winner on condos is the developer. They were originally designed to help developers make more money from one building.

[@skybox-101]

Assessments?

[@laailaaahmed6182]

which states in the usa is safer for muslim american to buy a house

[@genxx2724]

They are most attractive in the first few years after they’re built. The HOA can’t/won’t maintain the appearance and landscaping at the level the developer had it.

[@absolutegreenllc8565]

Developers are in for the long haul

[@NeilUttamsingh]

The condo market in Toronto is booming. We are experiencing people from all around the world buying condos in Toronto. A really popular segment of the condo market in Toronto, is the "pre-construction condo market". Pre-construction condos are condos that have not been built yet. So the purchaser buys their condo, based on pricing and floor plans. Most millennials are opting to live in condos in Toronto vs. traditional detached homes. It is rapidly changing in Toronto, where most people prefer to live in condos in the heart of the city, and a lot of wealth is being built by buying condos.

[@shorodtsunoda1351]

I am a property specialist in the Philippines. Condo prices here increases up to 32% a year. For me, it is a good investment. You just need to make sure that it has a good location and a well known developer so it is easy to resell if you plan to after a few years. Foreigners can also legally purchase their own units here. So, international investors are very welcome.

[@gerryortiz7276]

How much is a decent condo out there in a central location

[@AdrianMilanio]

@@gerryortiz7276a luxury condo can be 50k USD in the Philippines but you have to have Filipino blood to buy property out there

[@wmurray003]

You won't care about the value going up if it's dirt cheap and you you can rent it out for a certain amount. You'll make your money on your tenants and your tax refunds every year.

[@BeccaMariee15]

Musa I of Mali amen to that!

[@Vera-dg3hf]

uh that is if the HOA regulation allows you to rent it out!!! some HOA do not allow you to rent it therefore if you can't live there you must sell!

[@aaronwilliams6812]

How do you know if a condo is managed properly before you buy. All you can do is view the property and look at the upkeep outside.

[@TheCMnews]

Yeah, if I buy a condo, it's going to be an owners live in only space. That's my preference.

[@ericd4401]

HOA fees for condos are already high and can jump on a whim. And if you're married, why would you ever want to live in a condo?

[@ChristopherAbelman]

This Housing market crash might end up being a part of us for a very long time. With inflation currently at about 9%, my primary concern is how to maximize my savings/retirement fund of about $300k which has been sitting duck since forever with zero to no gains.

[@HildaBennet]

The stock market is a way to protect against inflation. Most notably amidst recession, investors need to understand where and how to allocate funds to hedge against inflation and still make profits.

[@JosephineKenney]

I paid all my mortgages in less than 2yrs while working with an asset manager. I’m 50 and my husband 54 we are both retired with over $3 million in net worth and no debts. We got to realize that the secret to financial freedom is making better investments.

[@PennyBergeron-os4ch]

That is so amazing, I’m trying to get onto the ladder at 40. I wish at 55 I will be testifying to similar success. How can I reach this manager of yours? because I'm seeking for a more effective approach on my savings

[@JosephineKenney]

Sonya Lee Mitchell is the licensed fiduciary I use. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment..

[@PennyBergeron-os4ch]

She appears to be educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.

[@chesleigheaton]

I would avoid condos as an investment. They’re always building new ones that will make yours look worse by comparison, there are often limits or restrictions to renting them out, and condo fees/assessments can be unpredictable. Not worth it IMO.

[@bettysmith4527]

Not to mention if the mark sucks, and you need to sell, you better have the nicest looking one if you want it sold!!

[@bigxrecords7375]

Buy it cash 💰 then those little fees won’t hurt while you save to something better

[@joejoejohnson8207]

When you buy..Do not rush! In NJ everything sells fast but , look into HOA boards.. Ask to attend the meeting ..This can determine weather its worth it.

[@---cr8nw]

Yep. If you're seriously considering buying a condo, figure out which condo complex(es) you'd be comfortable with. Don't even worry about what's for sale right now. Get yourself in a position to move quickly later. One will come up sooner or later. While other buyers are trying to figure out whether or not they can trust the management company or afford the dues, you'll be making an offer.

[@frozenfirestix]

Everything sells fast IN NJ?! huh learn something new every day!

[@joejoejohnson8207]

@@frozenfirestix I figure you dont live here..Cause apparently you dont..

[@letsbefreeletsbefree7183]

I bought my condo 5 years ago a 35sqm and love it for the price i bought it for 100k dollar and condo fees for everything is 200 dollar a month and i cashed it so i only pay 200 dollar a month now wich feels so good i dont need to stress about some high rent and stuff.

[@valentino226]

I bought a condo that had a 40 dollar a month association fee and on year five I was paying 250. Sold it at a loss. Condos are a BAD INVESTMENT PERIOD!!!!

[@BOCETOMEDIA]

valentino what!!.. that high raised scared me

[@valentino226]

Sirena Brava Condo AOH are not regulated so the association fee can go up at any time. Buy and sell short term should be ok.

[@blackworldtraveler3711]

valentino Your first mistake was thinking of a home as an investment.

[@joywisdom6598]

Depends on location...if it's far from a major city it probably wouldnt be a good investment but after owning 7 all but 2 had a profit when sold. 😉

[@Thrivinglife3835]

I bought a condo 3b 3 bathroom and now it is doubled price. And I am renting the two rooms and it paying the mortgage itself. It’s all about location. Location. Location.

[@Outpolecat5278]

I thought the title said: "are condoms a good investment?"

[@josephhicks6989]

Me too, and im only in the comment section to see who else read that to.

[@turdferguson5847]

Condoms can save you 18 years of child support payments - that's like the Rolls Royce of good investments.

[@matthewphillips5483]

Condoms might be the greatest investment ever when you consider cost to savings. :D

[@Dnariobeats1289]

A 1BR CONDO in ATLANTA is around 198-210 I think that’s pretty good to purchase as a single man

[@blaket81]

Good thing Dave is ok with buying condos because they're the only thing I make enough money to buy right now.

[@BeccaMariee15]

Tom Blake same

[@hiddenidentity302]

Wow your lives are cheap. Here in LA $200,000 will get you a dog house. You need $400k to get a decent little condo.

[@Joeyjojoshabadoojr]

NYC is no better. Luxury condo (considered luxury for view of the bay) one bedroom 2.8 million. It's not even Manhattan. Beautiful place but for that much money i could buy a fricken mansion.

[@MAVERICK72226]

lucas m I am in escrow for basically a dog house. In California.

[@WaterAndClay]

Where I live you can get a "decent" condo for 40-50k

[@resisingthiccthicc7672]

Jeremy Hines where do you live?

[@inkey2]

Boston area same thing. A tiny 700 sq foot condo in my area is going to cost you $300,000. (houses 800,000 to 1.5 mil). My best friend sold his house down the street from me. A 900 sq foot cottage with literally no yard and a narrow driveway. The house needed to be completely gutted as it hadn't been upgraded since the 1960s.....sold it for $550.000. The developers who bought it added 2 more floors on it. They will for sure ask at least 1 mill

[@shaqmaverick]

Dave's shared information that I'm already well aware of. The comment section is what you should really take noted of what condos are and a little research of their track record with google. Like come on investing in real estate 101. Is condos good? In short... It's like the stock market. No long term satisfaction. End of discussion

[@mariahb9961]

100% read the comments people. I’ve been working in property management for over 10 years and 5 of them was managing HOA’s! I felt bad for these people that would buy into them. It’s the worse decisión you can make when buying a home. I know some look nice and fancy for cheap prices but there’s a reason why. Remember Quality over Quantity! If you still decide that you want to buy into an HOA make sure your real estate agent goes over all the governing documents with you including the reserve study before you sign 30 years of your life away.

[@mic01]

Here in SW Ontario Canada, bought a rental condo in 2017 paid 155K now worth 380K renting for $1,600 a month, only regret I wish I had bought a cpl more

[@marykally8679]

~I~n~v~e~s~t~I~n~B~T~C~ ~~$~E~T~H ~W~H~T~~S~A~P~~P~ ~1~8~0~3~5~6~6~0~6~9~7~~

[@Dudemanbro1577]

Condos in my area are 2-4x more expensive than a single family home than a majority of states. People pay 800k for half of a duplex...

[@NonchalantSquid]

ca ?

[@heavenlovestitanic]

I own one of 14 units in North Hollywood, CA Right now there are 3 of us who rent them out. The Association just came up with a new rule in the CC&R's. Only owners of 3 of the 14 units are allowed to rent to tenants. Everybody else who wants to rent their unit has to get on a waiting list. Please have your realtor check to see if this law applies to any condo or townhouse that you want to buy for investment.

[@NickB1967]

Karen Rose That is infuriating. Countless people start with condos and then buy a bigger home and use the condo as a rental as the family grows. Can you sue?

[@IwantPizza2011]

Creedance Clearwater must be stopped.

[@Ms_T_Perfectly_Imperfect]

I just watched a video about this topic and I have experienced it first hand. Banks do not want to lend to buyers who are purchasing in condos or co-ops with high occupancy of renters. If all of the owners in the building rented out their units, it would be harder to sell unless you're dealing with all cash buyers.

[@juniorcruz469]

Ms. Perfectly Imperfect video link?

[@Ms_T_Perfectly_Imperfect]

@@juniorcruz469 I've watched so many of these videos I don't recall now, but I'll add the link if I find it.

[@jgatchaljgatchal8350]

Depends, condos are a good investment Orange County, CA. There are always renters, and if you decide to sell the thing, buyers will be trying to outbid each other. Not so much in Franklin, TN, still ok though, just riskier in my opinion.

[@m.francisbuchhaas972]

I live in a 214 unit complex with a pool (total of 18 buildings) for the past 17 years. We have only live-in owners. No investor owned units are allowed!! We will have it no other way!!

[@THEBESITESQUAD1]

As a single mother I bought a condo paid cash under 40k no mortgage, my work is at walking distance 5 min and I do feel the pinch paying the HOA fee but overall I walk to work and save on gas expense so far not bad decision.

[@bryanabrego3051]

If you get a condo, rent it so it pays for it else and at the same time throw cash at the condo to lay it off faster. Does that not work? In my opinion, if you do it correctly, debt isn’t always a bad thing

[@JayJay-ii5un]

A great hoa can turn into a crappy one. That's my worry.

[@SuperMrmetoo]

I like this country guy, he talk money

[@HustleSenseiMikey]

Well said

[@waatao9856]

He talk money and have a lot of money too

[@IwantPizza2011]

He says dont spend money. Keep it in a IRA and get rich. Ramsey in one sentence. And yea get outta debt.

[@tommy2346]

Talks

[@vla179]

So basically you will pay a lot of money for condo which Dave just described, it won't be much cheaper than the house.... And HOA might be very high....

[@drunclecookie216]

I remember someone online told me I was stupid for owning my own house and I should get a condo instead.... LOL first off I live in a small rural farming town where condos don't even exist... 2nd I just saw where some kid paid $55k for a 400 sq ft condo where I paid $60k for a 3 bedroom 2 bathroom 1300 sq ft (livable space) home with an attached 3 car garage and a separate garage in the back that was converted into a 400 sq ft efficiency apartment... LOL I'd say I got the better deal

[@rosiebarbosa3193]

Ryan Cook 677

[@andrethomas356]

You bought a mobile home?

[@justme4171]

That all depends on one's perspective. Sounds like you're in the middle of nowhere at that price. Some like that. Some don't.

[@GabiN64]

yes you have more rooms to clean and furnish good for you.

[@MrsThollo]

@@GabiN64 This is exactly how I look at owning a larger home than I need. It can also be more room to heat and cool. Just the overall maintenance of it...

[@maiadazz]

I recently sold my condo for $490k and i want to invest the money in the stock market. However, it appears the market is at an all-time high. Should I invest elsewhere or wait for a market correction?

[@amoreauMike-t6z]

The stock market is risky But staying on the sidelines is riskier. Missing the next bull run will be far more costly to your long-term wealth than getting in at the "right price". Consult a financial advisor if you're unsure how to proceed.

[@morgansofia]

You're right, I and a few Neighbours in Bel-Air Area work with an advisor who prefers we DCA across other prospective sectors. Instead of a lump sum purchase, Following this, my portfolio grew 37% in the last quarter

[@LUCIASMITH-d1z]

Mind if I look up your advisor please? I've worked in real estate for over 25 years and have neglected a major stock portfolio. This served me well when I was flipping and renting houses, however I need a different plan now

[@morgansofia]

I've been stuck with the popularly ‘’Melissa Terri Swayne” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.

[@winifred-k9e]

Thank you for putting this out, it has rekindled the fire to my goal... was able to spot Melissa Terri Swayne after inputting her full name on the web, she seems highly professional with over a decades of experience

[@AccordionJoe1]

Taking out a mortgage to live in an apartment is about as stupid as it gets.

[@taoli34]

If you own a condo, and not living there, then you will have to rent it out to compensate the HOA fees, mortgage and insurance. Therefore I personally think that if a condo is enforcing owner occupancy percentage, it is not a good investment. Right? Thanks!

[@kdkdkd4153]

Beware as buildings age. They require more maintenance. Can average people actually run complex HOAs,?

[@kshienator]

it is not, but, sometimes, when it's the only thing affordable, it's better than renting i guess.

[@bryan0359]

I'm glad I was introduced to forex trading and got the best teacher and mentor who helped me understand the financial market I'm grateful to Mrs Liam🙏

[@giselastefan2180]

I am from Miami United State🇺🇸, The difference Mrs Lucy Mary Liam makes in my life is second to none it's definitely a life changing kindness. I really appreciate her effort in my life.

[@emilymccord7063]

I invested $2,000 and the trade in one month making close to $20,000. I wonder where she got her analysis.

[@Leahwilliamson124]

Seeing my broker talked on KZbin, This was exactly how I got the recommendation about her for the past years. Hit $200k today. Thank you for all the knowledge and nuggets you had thrown my way over the last months. Started with $20k in July 2024

[@carlosalberto54754]

I'm from Brazil 🇧🇷 I and two other of my friends tried her immediately we testified her performing wonders.

[@bensonarmstrong7287]

Her good strategies of making large amount weekly profits for her clients are totally outstanding. Investing my $1500 with doubt and withdrawing $12,300 with happiness. I ❤️ you Lucy.

[@miketheyunggod2534]

I owned a condo and paid $130K in 2006. Sold it for $65K in 2016. The treasurer never paid HOA fees in 10 years. There's your answer.

[@codeseven7057]

Check the reserves funds on the complex

[@Checkersss]

a condo in Toronto is $400,000+. for a one bedroom. not sure that's a good investment

[@hellow4130]

But isn’t the point to rent it out, and not to actually live in it?

[@MrFuchew]

It was at one point lol

[@inkey2]

@@hellow4130 no, not always. Condos are good for people who want to live in a certain area but can't afford the price of a house. I wanted to buy a condo in the town I grew up in because "house" prices were going straight UP. Couldn't afford a house. The house my parents bought in the same town went from 28,000 to 1.5 million. So there was no way I could afford a house.

[@savagewaifu4694]

@@inkey2 Which town?

[@inkey2]

@@savagewaifu4694 Newton Massachusetts

[@WweIsReallyGood]

Lol Toronto condos are crazy 650k for a 1 bedroom 😂😂

[@beatpirate8]

The hoa is 600-800 and the condos are 500-650k in the Bay Area … it’s so high for the condo that I don’t think it’s worth it.

[@retiredmanager510]

In San Diego, I wrote a condo unit owners policy for a lady that bought her 1600sf condo for $195k in 1998, current selling price for comparable units $2.6 million. Condo policies are inexpensive. She pays about $400 a year for walls in insurance, her HOA covers the walls out. The key to real estate has always been location.

[@gamebreak81]

I love my condos... I dont remember what they look like inside,long term tenants. I literally just collect a check every month with very minimal inside maintenance.

[@johnomara849]

You own some? Can you tell me a little more about it?

[@gamebreak81]

@@johnomara849 What would you like to know exactly?

[@johnomara849]

@@gamebreak81 how old were you when you made the purchase? How long did it take to save? What purchase price? Financed or no? How much *profit* per month? Is that your only stream of income? I just started working at a residential real estate law office, mostly representing condo buyers and sellers. Just curious how it is on the property management/owner side.

[@johnomara849]

@@gamebreak81 oh and how many units?

[@devitomichael]

I hate condos, absolutely hate everything about them

[@violettippet5246]

My parents bought a condo, and it's 4x the price of what it was worth.

[@dangambrills1802]

cool story bro, not likely true but cool story

[@tialt6857]

I was just gonna say our home is 4 times the price here in toronto since we bought it in 04'

[@juniorcruz469]

dan gambrills paramount CA had one studio for 45k in 08 , now for sale at 180k 😏 hmmmm.....

[@joywisdom6598]

Violet Tippet yep 👍

[@MarioGarcia-lw5ss]

Junior Cruz agree Downey CA dame back in 09 and Long Beach 120K now over 400K only 2 bedroom 3 bath ocean Blvd beach front condo

[@---cr8nw]

I don't trust other people enough to buy a portion of a building that someone else is supposed to maintain.

[@inkey2]

all condos have management companies to run the place.....for $505 a month in the most expensive suburb on the east coast I get my heat, water, taxes a deeded parking spot and all outside maintainance done . Condos like many things are a double edged sword. But when you get to be my age and your back is killing you and have a prostate the size of a grapefruit you don't want to have to maintain a house.

[@---cr8nw]

@@inkey2, here in St. Louis, you can buy condos, or even whole buildings of condos, that haven't been maintained in decades. If the property management company goes broke or runs for the hills, you're out of luck.

[@inkey2]

So hire another management company. Management companies are a dime a dozen and should be a separate contractor ""not financially associated with the condo development" in any way. Only people who do not have a lawyer or those who know NOTHING about condos would ever buy a condo maintained by the condo development itself. So if that independent contractor goes bust......who cares......hire another company.

[@---cr8nw]

@@inkey2, you don't have the legal right to hire a management company for the entire complex unless you own the entire complex. Condo HOAs are written in a way that gives the developer all of the power. If that developer goes bankrupt, you're generally out of luck. Seriously, look for a condo in St. Louis. You'll find condos that you can buy for $3,000 each. It's not worth the money. They're in too bad of shape now.

[@inkey2]

I think I need to point out that the word "condo" has become generic for all kinds of "owned apartments" All condos are not the same. There are numerous dwellings being "called condos" but in fact are not. For example there are fake condos called "co-operatives" where you are just leasing your unit for 100 years. Then it reverts back to the building development. The word "Condo" has taken on the meaning of "any multiple unit owner dwelling". When in fact the laws and rules for any given so called condo can be "vastly" different. Hire a lawyer and do your research.

[@stevee8318]

I would never buy a condo, but with all the boomers retiring and wanting a maintenance free place they can "own" I think condos are decent investment.

[@outdoorsnevada4138]

Never met a person yet who has bought one and kept it very long. 3 or 4 years later they are ready to bail.

[@CaptainCocaine]

I had mine for 9 years. Bought it in 2008, and 3 or 4 years later, I was so far underwater, I couldn't get rid of it. I finally got enough of the value back this year to buy my way out of it for only $25k. Never again.

[@CaptainCocaine]

@Abuelita * The value dropped significantly within 6 months of buying it, and it took 9 years until I could even afford to sell it. Had I waited a year or two, I could have bought an identical condo for $60k less, at a 2% lower interest rate, and sold it for a $30k profit. It was an investment that became a major liability.

[@NonchalantSquid]

@@CaptainCocaine thanks for sharing

[@thullraven1]

I bought my condo as my retirement home. I don't care about it being an investment at this stage of my life. I followed the Baby Steps and retired debt free and have residual income.

[@magamaga1827]

can i ask where?

[@thullraven1]

@@magamaga1827 In the DFW Area of TX.

[@marcyfox9508]

Dave nailed this one.

[@finisherjess3863]

Agreed, good episode

[@lisavaden9903]

Condos are flying off the shelves here in Nashville!! New or Old!!

[@nashville2983]

lets go buy some

[@cherokeefit4248]

I bought mine for $155 and now it’s worth $310 :D

[@marykally8679]

~I~n~v~e~s~t~I~n~B~T~C~ ~~$~E~T~H ~W~H~T~~S~A~P~~P~ ~1~8~0~3~5~6~6~0~6~9~7~~

[@savagewaifu4694]

Some HOAs only charge $100 so that's not bad. As long as the HOAs are low you save a lot of money and hassle. Especially when it comes to grounds and building maintenance.

[@bettysmith7045]

That isn't always a good thing, that could mean you will not have enough money in the reserve fund when something major happens, or you need a new roof ect. You are very likely to get an assessment in the future, so I would bank money for that!

[@joesillamanrs7189]

I bought a condo in Haleiwa HI in 2012 for $475,000. Today it's worth $530,000! By the way I'm positive cash flowing $1,000 positive net every month.

[@bballbrc]

Joe Sillaman RS liar

[@ness0388]

John Daniel Not that the gain is something to scoff at, it could be a loss right? But I agree. Here in Denver for instance people are getting $300,000 for houses they paid $200,000 for in less than 5 years.

[@wmurray003]

@John Daniel ..I wouldn't say it's bad, I would just say it's not THAT much appreciation relative to what he had already paid. I would also say the 1,000 (which I presume is profit/rent from tenants) is kind of low. My rule of thumb from everything I have seen is that you should be pulling in at least $250 for every 50K spent on the property. If it's 475K property than he would have 9.5 increments of 50K. 9.5 X $250/month = 2,375. ...he's missing 1,365 /month if you ask me....but then I digress, this is much better than what he would have encountered in 2008, so he should be happy with the situation. Also, don't forget about his tax deductions from the property.. include that in your calculations in reference to his "positive cash flow".

[@DragusCalliforous]

LOL silly Joe

[@johnsprystaff9605]

cool story bro

[@shanestoumbough4733]

Condos are just apartments with fees, rules, and liability issues.

[@blackworldtraveler3711]

Shane Stoumbough Apartments are owned by individual or corporation and you pay the owner to live there on his property. And you have zero equity. Condos are individually owned and collectively pay a fee for amenities,maintenance,etc.which takes the place of physical exterior work leaving free time for other things like world travel in my case. Has rules and bylaws a responsible individual is suppose to be knowledgable of before purchase. You can have liability issues in any home. I own a condo in Tulsa and on Marco island and have insurance with at least 3 million umbrella coverage and homestead just like any smart person with a house. And I have over $800k equity as well and there's always a waiting list to buy. All about choices.

[@shanestoumbough4733]

@@blackworldtraveler3711 600k for 600 sq feet is the typical condo in Vancouver, Canada.

[@blackworldtraveler3711]

Shane Stoumbough I never see condos like those but I've heard of apartments converted into condos in big cities. Where I live in Tulsa I'm in a secure gated condo community in upper middle class area. Size range 1500-2200 sq ft. Italian villa style with two car garages,2-4 bed/2-3 bath,two club houses,3 tennis courses,two heated pools,organic garden,with trees in park like setting on private property. ....2bed/2.5bath/2car. My condo community on Marco Island is a secure gated mid rise $1600-2000sqft with gulf,beach,marina views from two large balconies with push button hurricane shutter that cover windows and surround balconies....theater room,swimming pool,etc..

[@All_eyez_on_me1]

Dave what’s your thought on a condo for a first time home buyer?

[@---cr8nw]

Do a lot of homework, but it can be a very good move.

[@dappanation2105]

Did you get the condo ?? I want to pursue one next year as a birthday gift to myself

[@WilliamLyons5]

Just like anything else, management matters.

[@marykally8679]

~I~n~v~e~s~t~I~n~B~T~C~ ~~$~E~T~H ~W~H~T~~S~A~P~~P~ ~1~8~0~3~5~6~6~0~6~9~7~~

[@treyatl2006]

HOA can be poorly ran for single family homes also... So make sure you check into the HOA's before purchasing any type home. But that's especially true for Condo's and Townhomes.

[@blackworldtraveler3711]

treyatl2006 That should be common sense.

[@oldtwinsna8347]

Check their rules carefully.. Dodged one that set a speeding ticket fine secured to your property for an infinite amount of dollars for 5+ mph over the posted limit of 10mph.

[@peter_arte4380]

Nice!🔥 I am a investor and getting more than 5% of rent per month, everything thanks for this kind of advice's and knowledge 👌 I am always opened to show it to anyone or learn more

[@nothinghalo8]

"Hey Dave, I'm doing great. How have you been?" "Better than I deserve!" 🤣

[@Solidsnake999]

Condos Takes for ever to sell them Houses can be sold with in the next day

[@seanharris-ef8pu]

@Ramsey, interesting topic and thanks for sharing

[@RugbyNick6]

Look for buildings that are kept up well but not extravagantly. In an urban mid or high rise you don't want centralized building HVAC or on site staff other than cleaners. You also want the owners to be responsible for their windows or patio doors. That will help avoid special assessments. If those are in place then high condo fees should be a confidence booster. Super low $200-300 condo fees are generally unrealistic in my experience. You want to have the funds to fix what needs fixing and use professional contractors to do it.

[@marykally8679]

~I~n~v~e~s~t~I~n~B~T~C~ ~~$~E~T~H ~W~H~T~~S~A~P~~P~ ~1~8~0~3~5~6~6~0~6~9~7~~

[@googlegilbertlevinmars322]

Neighbor girl bought a $136000 condo living a glum drab shared complex building. I am buying a mobile home. Seems ridiculous this condo thing. It’s no different than an apartment.

[@groundedapproach]

“ there are people who own homes and then there are people who own condos. My question for you is, do you agree?”- Michael Scott

[@FullTilt89]

I am in California. The HOA will not send me anything until I am in Escrow with buying one of the condo. At that point you are more committed. Any ideas on getting the HOA documents before making a offer?

[@bettysmith7045]

I thought most states gave you five days after signing a purchase and sales agreement to view the condo documents, with the ability to back out within those five days.

[@oldtwinsna8347]

Weird, if this is an arms length transaction the seller would be required to pay for copies of those documents for you (usually electronic files these days) as part of the seller disclosure process. You can generally back out if you don't like what you see (and know what to look for).

[@Vera-dg3hf]

I don't know where you live, but in NJ condos go as high as 400k! and higher plus HOA fees, which could be between 400-1000, depending on amenities and location. The closer you get to NYC, the higher the price on both. Get yourself a single home with enough rooms you can rent or a two-family home, which these days are extremely hard to come by, to help out with the 2500+ mortgage aka death contract. We are living paycheck to paycheck. Everything is expensive. Taxes are going up and up. The government does not care if you can't afford noodles for dinner.

[@hunter371]

4 minute video and only one single sentence of solid advice; a single family home that's the same price as a condo in the same neighborhood will probably appreciate more than said condo.

[@BeccaMariee15]

hunter371 what does it matter if you’re not gonna be living in it

[@treyjenkins5672]

It’s not any better or worse than a single family just because it’s a condo.

[@marykally8679]

~I~n~v~e~s~t~I~n~B~T~C~ ~~$~E~T~H ~W~H~T~~S~A~P~~P~ ~1~8~0~3~5~6~6~0~6~9~7~~

[@thefiftyplusnetwork]

The only problem with condos is the condo association/management company. If it's poorly run or power hungry folks, they can make your life miserable! Do your research on the condo association/management company. Look online for reviews

[@marykally8679]

~I~n~v~e~s~t~I~n~B~T~C~ ~~$~E~T~H ~W~H~T~~S~A~P~~P~ ~1~8~0~3~5~6~6~0~6~9~7~~