There Is a Condo Nearby

[chestynuts]

I like to purchase a condotel nearby but still in between buying for investment or not. Do you think is it worth it to buy for that reason? Actually, we do have our own house and it's not needed for personal use.

[james.hendrickson]

Chesty - here is my thinking. Buy as many good quality assets as you can.

You'll need to evaluate the opportunity for value (cash flow, appreciation, etc.), but in America tax law, by and large, favors the rich and the upper middle class.

[bjl584]

Lots of money can be made in real estate, and there are tons of tax advantages that come with it.

You just need to buy the correct real estate.

Be careful with condos. Most have HOA fees that will wipe out your profits.

[msomnipotent]

And a lot of them regulate how many renters can be renting at one time, if they allow them at all. My condo only allowed one rental unit per building.

[TexasHusker]

The "rules and regs" of the condo association, as well as the fees, as well as the projected gross income, all factor in as to whether this is worth your time.

[chestynuts]

I appreciate all your valuable advice and information. I will take those into consideration before purchasing a condo.

[TexasHusker]

So we were in Red River NM this week renting a condo. I am drinking coffee in the lobby and a guy walks in and asks "Do you have a list of your condoms for sale by chance?"

I sprayed coffee all over my lap.