Reply to Is living in a condo considered a failure?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]My tenant in my condo is a failure for them. I rented to them when newly married in 2018. I like them a lot.

In early 2020 a unit came up in estate sale that was pre being listed. I am on board and knew. Even though good tenants I told them about it as a good opportunity.

They were a bit nasty. I got we are buying s house in nearby fancy area we have no plans to stay in a condo.

It is 2024 they just renewed lease. Housing shot up crazy last four years and rates up.

So owners of condos not a failure. People stuck in condo rentals with kids are sadly in worse shape [/quote]

You have absolutely no idea why they didn't buy. I understand you wanted the best for them, but the problem with giving advice is that you never know what's going on and might come off as nosy.[/quote]

I have same tenants now 7 years. I won’t ever give advice again. I know why they did not but both of them temporarily had work slowed due to Covid. I had to give them half rent two months but they paid me right back.

But then home prices shot up really real. My condo was only worth 360k in Jan 2020 shots up to 550k and the neighborhood they like shot from 900k to 1.3 million. It happened really quick.

I was just surprised a bit at time they were a bit nasty that I would think they would buy a condo when they are buying a big house.

To be honest my place costs me $800 a month as I own it outright and I rent it $2,350. Sounds expensive but I could easily get $2,600 and don’t bother as Tennant never bothers me. All my old neighbors love them.

I don’t understand living somewhere long term with a kid in a place you like where every lease renewal if I need to sell or want it back you are on the street. It is not a crap place. Neighbors being then cookies and there are moms and kids in complex.

But that was last and only time.

But to be honest renting a condo as opposed to owning is worse. [/quote]

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