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Thursday, April 19, 2007

Are condos a good way to break into real estate investing?

Condos are a good stepping stone, yes. If you're not going to live on the property, however, your loan will be more difficult because lenders prefer owner occupied properties over tenant occupied ones. Why not live in your first acquistion, perhaps a duplex? That way, you'll get the best of both worlds. And duplexes have great resale value.

Whatever you do, DO THE MATH CAREFULLY. Condos have monthly fees which must be considered, and property taxes and maintenance add up. Make sure there is a positive cash flow or, if you live there, that considering your gaining a residence, it works for that reason.

Phoenix Condos For Sale is one great place to check out when you are searching for a Condo in the Pheonix or Arizona area. The site has great stuff to compare and co-relate on what you need to get that extra buck.

Condo's are a great way to start. You are wrong about condo's not offering as much profit as a home. Condo's are much cheaper than homes regarding price vs rent possible. More likely to pay their own way. The problem is that condo fees and taxes have go up so much it has eliminated much of the benefit. There are still some condo's for sale that are good deals. Don't buy anything that won't almost pay for itself. It will be a while before prices begin to go up again.