Reply to Explain this - price of condos

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]PP, prices are about 40% below bubble highs. You would recommend not buying 1BR, but rather 2BR?[/quote]

I am not the PP you are addressing but yes, the 2 BR is always the better deal if you are looking at for rental potential. I was told this by every real estate agent.  I think if you can get a 1BR super cheap and the bulk of the rent was going to be profit to you, then your good but 1BR are just a harder rental/re-sale market.  I think exceptions might be in areas veyr close to Metros but I even recieved the adivce to purchase a 2BR when I was looking at places in Ballston and Claredon.[/quote]

I am the PP who said you should look for a 2 BR or even better a 3 BR. I say that because you will have an increased market of people who want to either rent or buy when you want to sell. In general, there are always more people looking for multiple bedrooms than one bedroom,  families, roommates, people who want space for overnight guests, office space, plenty of reasons. Why limit yourself? Go for as much space as you can afford.

You also asked why everyone was not doing this and I understood your question as to be asking why everyone who had 140K in a savings account would not buy a condo outright to rent because of the positive cash flow. Well there's liquidity for one. Another reason is leverage. Why not put $140k down on a SFH in a good area that is appreciating? As an owner of investment properties I have never remotely been interested in buying a condo, I started out with townhouses and moved into Single family homes when I could afford it. [/quote]

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