In the face of all the negative input you have received about condos, I want to give you another perspective to consider.
With a condo, all the grounds and exterior structure are maintained by the association. You are only responsible for the maintenance and repair of the things actually inside your unit. With a condo, you will likely have a much lower maintenance and repair overhead.
With a condo, you pay association dues monthly, perhaps quarterly. The association maintains a replacement reserve to take care of the extraordinary expenses when major replacements are needed. If the replacement reserve is not sufficient to cover the cost, the board could elect to defer the maintenance, or issue a special assessment to all members. If you get a special assessment, there are condo owner insurance policies that will pay the assessment for you (subject to your deductible). Amica is one company that offers a condo owners policy with special assessment coverage.
Condo associations that are professionally managed will ensure that the value of the property is maintained, even enhanced. The association will police the membership if needed to keep the grounds safe and clean.
If you have not guessed, I have several condos in my rental portfolio. If you invest in condo associations with a strong financial statement and a professional association manager in place, it is hard to go wrong.
File a claim with your insurance. They pay for the repair and then they will go after the tenant and/or their insurance. This is what insurance is for!
Which has the better cash flow? Which has the better cash on cash return? Which has the better Internal Rate of Return?
You have to crunch some numbers to get the answer to your question.
Thanks for the insight! I really appreciate everything!
In the face of all the negative input you have received about condos, I want to give you another perspective to consider.
With a condo, all the grounds and exterior structure are maintained by the association. You are only responsible for the maintenance and repair of the things actually inside your unit. With a condo, you will likely have a much lower maintenance and repair overhead.
With a condo, you pay association dues monthly, perhaps quarterly. The association maintains a replacement reserve to take care of the extraordinary expenses when major replacements are needed. If the replacement reserve is not sufficient to cover the cost, the board could elect to defer the maintenance, or issue a special assessment to all members. If you get a special assessment, there are condo owner insurance policies that will pay the assessment for you (subject to your deductible). Amica is one company that offers a condo owners policy with special assessment coverage.
Condo associations that are professionally managed will ensure that the value of the property is maintained, even enhanced. The association will police the membership if needed to keep the grounds safe and clean.
If you have not guessed, I have several condos in my rental portfolio. If you invest in condo associations with a strong financial statement and a professional association manager in place, it is hard to go wrong.
File a claim with your insurance. They pay for the repair and then they will go after the tenant and/or their insurance. This is what insurance is for!