My 2/2 condo was $85,000 at 3.5% 15 yr mortgage. I put 10% down. I will have it paid off before my 6th year of ownership. I rent each room to travel professionals . I get paid 1750 for rent each month and my mortgage with fees and hoa is 1100. By the time I pay it off in two more years, I'll be getting over 1400 a month in profit after taxes, hoa insurance, etc. It was more than worth it, and renting to travel nurses has been a very painless and headache free process
@@BRIANDER100 my hoa is $318 montly. Had I known that initially, i def would have gone with a different condo but you live and you learn. I've only had to replace my circuit breaker for 3k in the 4 years I have lived here. Everything else is new. Most the condos in my complex have been fully renovated so buyers dont have to worry about things like old water heaters,etc. I consider this the best investment I have made so far and am considering buying another but definitely with a lower hoa
@@urbanlumberjack I imagine you know this bc you are aware of the bylaws of all HOAs? Over 75% of my complex is rented. You have to get preapproval at my condo
My condo cost $165k in 2015. In 2024 its worth $575k. HOA dues are $455 month. It's an 8 minute walk, in boots to the gondola. I ski 100 days a season, without starting the car.
Most homeowners don't realize how much money they pour into home maintenance, upkeep, and upgrades. Condos often have nice fitness rooms, pools, etc. No need for a fitness membership! But for a family, nothing beats a backyard where kids can play, and a backyard barbeque.
Own our condo debt free. HOA about $300 per month, includes (except electric) all utilities water, garbage, pest control, with extended cable, landscaping and all building maintenance except interior space of our apartment. We are in our upper 60’s and are very happy to avoid costs of maintenance for a single family home which is around 1% of value or more. On a $200k house that’s minimum $2000 per year, plus water, garbage, taxes, insurance, etc all of which are much higher than a condo. There are advantages and disadvantages to both scenarios. It depends on your needs but we found a house always cost us more in overhead.
For your first rental start small and debt free would be best way to go in my opinion.. get the condo and start making cash flow and appreciation equity right away aswell as your job income.. in 2 years refinance the condo and buy another property, then youll have multiple incomes, just keep repeating
First of all, your primary residence shouldn't be viewed as an investment. It's a place to live, not a rental property. Secondly, condos are great for single first time homebuyers. The median price for a house in my zip code is over $200k. I paid $55k cash for a small condo and am able to save more of my income than when I was paying rent. Even with HOA, annual property taxes, utilities, and occasional maintenance.
I've seen some horror stories around condo fees and condo boards. Ive seen condo fees in my area approaching $1,000 a month. Not to mention some condo fees have restrictions on the percentage of units that can be rented out. I'm not a fan.
but bad for families and those with a low income. Condos, Trailers, and RVs are the leading cause of real estate debt. Dave knows because he played this game before. The quickest way to get foreclosed on is to buy one of these items and you have not paid off your house. Stay Away From Condos, Trailers, and RVs! they are luxury items and they can place you in debt because their interest rates are lousy and they don't sell good. This is how you go in debt and you don't need this stuff. Buy a house stay there don't rent a Condo or buy a Trailer or RV that is how you get in debt in the first place.
shelby lane I just played it again and he said his wife, but I guess the same goes if it was his husband, where a condo would work if there is only two of them
Not a fan of condos just because of how much HOA fees can vary and you don't have control over many of the capex expenditures that can creep up. But with that being said I have seen many people make lots of money with condos.
This is a great question. For someone living outside of the city and wanting to rent out real estate, a condo is better since HOA will take care of everything! If you live in the city you’d like to rent out, single family home is better for potential appreciation and rental value
As a repair contractor hired by many property managers, I've seen first hand the disappointment of both landlords and renters when they discover that the HOA does not take care of "everything". HOAs are responsible for the outside condition, but the side renters live in (and tend to rough up) is the inside. That's still going to be landlord responsibility.
"You make 80k with a 60k loan? Yea you can definitely pay that off in 2 years." Dave seems to ALWAYS forget about taxes/IRS when giving BUDGET advice lol.
What makes you think he's forgetting it? 30k leaves the dude 50k gross, which is about 40k net, which should be more than enough for a single dude to live on. He's not forgetting anything, he's just assuming the taxes when he gives his advice.
@@froggore52 Eh? Are you subtracting half the loan amount from his gross income? That's not how it works. In Ft. Myers, his take-home after taxes will be $63K. Subtract 30K (half of the loan amount) from _that_ and you're left with $33K.
We lived in our unit for 2ish years before having it rented out (like a week ago). I'll probably echo what others say. Buy em , live in em , THEN rent em out. edit : unless if you have a good amount of cash on hand already, and if the condo unit you wanna buy for renting out (only) is in a good location (which means you can charge a good bit higher monthly, like near/in the business districts)
The reason he wants you to be debt free is so that you don't owe anyone payments. When you're not liable to the bank for payments, it frees up "your number one wealth growing tool, which is your income", as Dave says. If you're paying monthly HOA fees then you aren't free. Indeed, HOA fees are even worse than debt payments because they are forever.
ALCAN52 that sounds like a really incredible deal for you! Great find! My wife’s family is in Palmer and I visit once a month because I love it so much.
I have seen condos around Dallas rise well. I bought a couple in early 90s in the suburb Plano in upper $30s during the savings and loan crisis. I LOVED it for a single guy. After a while I resented the HOA fees and old farts and actual thieves running the HOA. The fees were not even that bad but there was some misdeeds for sure. A couple old farts thought they ruled the world as usually happens. HOAs rob your freedom. As a whole houses are better but not everyone wants to cut grass every week and a house is usually more work.
@howzit3000 yea but the fact that he chooses to live simply and frugally is remarkable. I am tryin to follow his approach in life and also apply his long term investing approach to my stocks portfolio on my channel.
Just thinking if you sold and bought in the same area, don’t you just come out even or a little less with all the escrow fees even if your home appreciates since the home you’re buying has also appreciated?
Only if it's a quick flip. Don't watch your investment go slowly down the drain as factors you can't control (HOA fiscal capacity, neighbor quality, propertywide deterioration) begin to take its toll.
What kind of structure is the condo? Is it a highrise with a parking garage? No thanks. Just a simple grocery run is a PITA. Then there's the maintenance fees, jacked up on a whim. Prefer a mobile home with a carport, where I can back right up to the kitchen door. Lived in one 8 years, in Phoenix. Bad investment? Not for $4k. Sold it for $5k cash. Was worth more but it helped a friend. Now I rent an entire finished basement for $400 and, again, I back right up to the door. It pays their mortgage and let's me defer 30% to my Roth 401k. The 12yo car is all mine and perfectly maintained. Inflation and what others think don't bother me.
I think Dave factors in overtime in his math. He never looks at the taxes but if you work an extra day to make it a 6 day workweek you almost make up what you lose in tax from your base salary. So in essence with overtime you end up with the base salary anyway after taxes. He's mentioned overtime dozens of times in his videos.
@@mannyjeanpierre4062 what about salaried folks? Take home pay is roughly $60k depending on where you live and other factors but let's just go with that. Take another $30k out and you're left with 30 for the year. Rent @ $1.8k would be $18k/yr. You're left with 700/mo for family medical insurance, transportation, food, utilities, and maybe a Netflix subscription. Yow!
@@pkal244 salary pay would be the same. Overtime to pay for necessities and base salary to pay off debt. In essence your base pay is for debts and overtime pay is for necessities. It seems the way Dave works it out at least.
Bought my condo at $98,000 cash and rent it out for $1600 fully furnished . Sounds nice but HOA is now $750 a month and just got hit with a $5100 “assessment” basically this has been a nightmare with a horribly run board of old farts . I think my best move is to sell it at $200k (I made it a lot nicer and the prices have gone up ) just sucks bc I thought this thing would be a big money maker for me . Warning to all to choose your condo wisely . Side note , I own another condo downtown that is not as nice and I rent it fully furnished for the same $1600 a month and HOA only $350 . Just have to research and learn the hard way I guess
Jason Roos not like how condo hoa are structured. You gotta pay a few hundred every month on top of your mortgage and escrow. At least with most home hoa you just pay every quarter of the year and it’s only like a $100
@@beastfromtheeast9318 I was told every $100 a month HOA equates to paying $20k more on a house. I bought a free standing condo for $295k + $190 HOA. A similar house would be roughly $340k. I couldn't get close to what I have now for $340k. More like $450k-$500k.
Affinity hoa has its benefits as far as keeping the neighborhood in line and property values. But if you’re one of those that like to keep a boat on your lawn or don’t like doing yard work then I’d look for a non hoa neighborhood. But most likely those areas are dumps or very rural.
Oh wow, I thought Dave would've said buy the condo cash, live in it, save for a couple years to buy a house cash and put the condo on rent for investment. Is my logic off here? Thoughts and advice welcomed, just trying to learn.
I’m looking for a Condo to buy , but since I have no experience I wanna ask how much I can make monthly clear if I’m renting it ?if hire property management and gross monthly income is about 1500$? I wanna know what the expenses ,thx
Don't forget HOAs cover some utilities. The usual is water, sewer, garbage. Also the exterior, unless your hoa is poorly run and doesn't keep a strong enough reserve fund that will lead to a special assessment
Brandon Mills Not state, city. In dense urban areas like New York City, San Francisco, etc. , condos are good based on limited housing availability and continuous rent increases
You're incredibly stupid, debt isn't always bad. I borrow money extremely cheap (3%) for property and rent it out for near 15% return. I'm making money with somebody else's money, how is that bad? Idiot.
@@samanthalake5011 Taxes, renovations, maintenance, and in some areas HOA/HOA fee & rules. Plus you never actually 'own' your home, stop paying property taxes and see what happens.
I would disagree. If the interest rates are low and you are buying a quality home or condo in a good area, it will appreciate over time greater than what your interest payments are. There is good debt & bad debt. Investment debt, especially debt that can be written off is good, credit card debt is bad.
Duh the land appreciates and the house itself depreciates. He should have explained. The same is true for a condo made with steel and concrete instead of lumber. The lumber one is going to have no value over the long term. Remember the condo does not have land but it is easier to rent. Condos are for starters. Get a townhouse where there is less maintenance after the condo. Try not to be a slum land lord.
I'm loking into buying a condo because i am 20 ky brother os 22 amd my mother is 53 and we have came so far in the last 10 years from being on every government help out there to being on non and working hard ajd im visually impaired and it will allow usbto get outnof the hood and into the middle class
Buying a home to live in isn't an investment, it's an expense. If it were an investment then you could estimate the cash to cash return to make the decision.
Good day sir! :) There are lots of condo units to invest here in Cebu, Philippines, good thing you can rent it while paying your monthly amortization. Prices of condo units are cheap even if it's near the city. If you are interested I'll refer you to our realty company where you can trust.
My 2/2 condo was $85,000 at 3.5% 15 yr mortgage. I put 10% down. I will have it paid off before my 6th year of ownership. I rent each room to travel professionals . I get paid 1750 for rent each month and my mortgage with fees and hoa is 1100. By the time I pay it off in two more years, I'll be getting over 1400 a month in profit after taxes, hoa insurance, etc. It was more than worth it, and renting to travel nurses has been a very painless and headache free process
After baby step two, I plan to use the profits from renting to pay my mortgage in addition to my usual monthly mortgage
How much is your monthly HOA ? How much have you spent on interior maintenance ?
@@BRIANDER100 my hoa is $318 montly. Had I known that initially, i def would have gone with a different condo but you live and you learn. I've only had to replace my circuit breaker for 3k in the 4 years I have lived here. Everything else is new. Most the condos in my complex have been fully renovated so buyers dont have to worry about things like old water heaters,etc. I consider this the best investment I have made so far and am considering buying another but definitely with a lower hoa
Most HOAs don’t allow renting.
@@urbanlumberjack I imagine you know this bc you are aware of the bylaws of all HOAs? Over 75% of my complex is rented. You have to get preapproval at my condo
My condo cost $165k in 2015.
In 2024 its worth $575k.
HOA dues are $455 month.
It's an 8 minute walk, in boots to the gondola.
I ski 100 days a season, without starting the car.
Most homeowners don't realize how much money they pour into home maintenance, upkeep, and upgrades. Condos often have nice fitness rooms, pools, etc. No need for a fitness membership! But for a family, nothing beats a backyard where kids can play, and a backyard barbeque.
Own our condo debt free. HOA about $300 per month, includes (except electric) all utilities water, garbage, pest control, with extended cable, landscaping and all building maintenance except interior space of our apartment. We are in our upper 60’s and are very happy to avoid costs of maintenance for a single family home which is around 1% of value or more. On a $200k house that’s minimum $2000 per year, plus water, garbage, taxes, insurance, etc all of which are much higher than a condo. There are advantages and disadvantages to both scenarios. It depends on your needs but we found a house always cost us more in overhead.
Exactly. Condos can be great. First you must do your RESEARCH!
Wait till the special assessments start.
@@videosuperhighway7655 I was in a highrise for 14 years and no special assessment
For your first rental start small and debt free would be best way to go in my opinion.. get the condo and start making cash flow and appreciation equity right away aswell as your job income.. in 2 years refinance the condo and buy another property, then youll have multiple incomes, just keep repeating
First of all, your primary residence shouldn't be viewed as an investment. It's a place to live, not a rental property.
Secondly, condos are great for single first time homebuyers. The median price for a house in my zip code is over $200k. I paid $55k cash for a small condo and am able to save more of my income than when I was paying rent. Even with HOA, annual property taxes, utilities, and occasional maintenance.
The Crypt Keeper lol a low price condo in my area is 200k. A house is about 700k.
Lynette Wright I’m under the impression we may live in the same area or similar state situations 😩🤦🏽♀️ FML
@@ExXxOtIcMiZz Where are you from? I bought my condo in Tampa FL.
The Crypt Keeper New York City 😩😩😩
Lynette Wright California ?
I've seen some horror stories around condo fees and condo boards. Ive seen condo fees in my area approaching $1,000 a month. Not to mention some condo fees have restrictions on the percentage of units that can be rented out. I'm not a fan.
I just think is kinda scary for anyone over 30
Condos are great for singles!
but bad for families and those with a low income. Condos, Trailers, and RVs are the leading cause of real estate debt. Dave knows because he played this game before. The quickest way to get foreclosed on is to buy one of these items and you have not paid off your house. Stay Away From Condos, Trailers, and RVs! they are luxury items and they can place you in debt because their interest rates are lousy and they don't sell good. This is how you go in debt and you don't need this stuff. Buy a house stay there don't rent a Condo or buy a Trailer or RV that is how you get in debt in the first place.
Exactly, and that is the first question Dave should have asked this guy, Are you single, married, kids?
@@HamiltonRb I thought the caller began with a reference to his husband?
shelby lane I just played it again and he said his wife, but I guess the same goes if it was his husband, where a condo would work if there is only two of them
Dexter Masuka exactly, im 26 and single, im thinking of a condo instead of a house
I will never buy another property that has a HOA. I’ll live in a ditch first.
HOA is a scam
HOAs seem to end up being run by control freaks plus the fees are a wild card down the road, but then so are property taxes...
I agree with you. Once I sell my condo, I'll never do it again.
I'm willing to bet 90 percent of the comments hating on condos don't own one and just repeat what they heard the cousin of s coworker say
DL Noir duh why would you own if you hated on them
@@michaelvan6675 how can you hate on them if you have no experience with them, that's assinine
I completely get what you're saying! I've heard so many people with misconceptions about condos, who've never lived one day in one!
my parents bought a condo and hated it, they sold it after a couple months. Now where I live there aren't any condos.
I owned one and it was Okay but the HOA fees became a bit much plus the HOA itself went a bit sideways ...
It depends on the market I suppose. Depending on where you are condo HOA fees can be insane
Not a fan of condos just because of how much HOA fees can vary and you don't have control over many of the capex expenditures that can creep up. But with that being said I have seen many people make lots of money with condos.
This is a great question.
For someone living outside of the city and wanting to rent out real estate, a condo is better since HOA will take care of everything! If you live in the city you’d like to rent out, single family home is better for potential appreciation and rental value
As a repair contractor hired by many property managers, I've seen first hand the disappointment of both landlords and renters when they discover that the HOA does not take care of "everything". HOAs are responsible for the outside condition, but the side renters live in (and tend to rough up) is the inside. That's still going to be landlord responsibility.
Get a condo with good maintenance, low HOA fees, in a good area
Yess this one !
"You make 80k with a 60k loan? Yea you can definitely pay that off in 2 years."
Dave seems to ALWAYS forget about taxes/IRS when giving BUDGET advice lol.
sheldonspider86 He said what is your take home pay, which is after taxes have been withdrawn.
That can still be done.
What makes you think he's forgetting it? 30k leaves the dude 50k gross, which is about 40k net, which should be more than enough for a single dude to live on. He's not forgetting anything, he's just assuming the taxes when he gives his advice.
@@taderdigger4115 He said "And your household income is what?" He didn't say "take home pay."
@@froggore52 Eh? Are you subtracting half the loan amount from his gross income? That's not how it works. In Ft. Myers, his take-home after taxes will be $63K. Subtract 30K (half of the loan amount) from _that_ and you're left with $33K.
In my area, HOA fee increases every single year... Not a fan.
We lived in our unit for 2ish years before having it rented out (like a week ago).
I'll probably echo what others say. Buy em , live in em , THEN rent em out.
edit : unless if you have a good amount of cash on hand already, and if the condo unit you wanna buy for renting out (only) is in a good location (which means you can charge a good bit higher monthly, like near/in the business districts)
HOA fees for a condo are like 4k a year. Also, condos are more difficult to sell in most markets.
was very surprised by his answer, he usually goes the debt free route.
The reason he wants you to be debt free is so that you don't owe anyone payments. When you're not liable to the bank for payments, it frees up "your number one wealth growing tool, which is your income", as Dave says. If you're paying monthly HOA fees then you aren't free. Indeed, HOA fees are even worse than debt payments because they are forever.
condo living for sure, better location!
DAVE RAMSEY IS NOT THE GUY TO ASK INVESTING ADVICE
In depends on your market. They are alright here in Alaska but I would never buy in Seattle.. 🤷♂️
ALCAN52 that sounds like a really incredible deal for you! Great find! My wife’s family is in Palmer and I visit once a month because I love it so much.
ALCAN52 thank you!! 😊
I have seen condos around Dallas rise well. I bought a couple in early 90s in the suburb Plano in upper $30s during the savings and loan crisis. I LOVED it for a single guy. After a while I resented the HOA fees and old farts and actual thieves running the HOA. The fees were not even that bad but there was some misdeeds for sure. A couple old farts thought they ruled the world as usually happens. HOAs rob your freedom.
As a whole houses are better but not everyone wants to cut grass every week and a house is usually more work.
A lawn service can regularly cut grass for unable or unwilling homeowners.
Your right about the old farts on the HOA board. Bunch of grumpy noisy people.
Very surprised by that answer.
It is not worth the hassles to deal with HOA. Ownership is better than renting. Plus, condos are usually harder to sell.
Idk about that. All the condos that have been put up for sell in my condominium complex sell within 3 wks. They go so fast
Michelle G what area do you live in?
@@BeLykeWatersofNunLoveLepus Houston, Texas
If you buy. Condo isn’t it your condo I’m lost wym rent
@@marianolasco1151some people consider hoa rent
Ppl buy too expensive houses. Look at Warren Buffet, lives in the same house he bought 50 years ago
@howzit3000 yea but the fact that he chooses to live simply and frugally is remarkable. I am tryin to follow his approach in life and also apply his long term investing approach to my stocks portfolio on my channel.
That house given his income is not bad dare I say even conservative
@@Andy-em8xt maybe
I think if it’s paid in cash you can do well depending on the market my guess
Just thinking if you sold and bought in the same area, don’t you just come out even or a little less with all the escrow fees even if your home appreciates since the home you’re buying has also appreciated?
Only if it's a quick flip. Don't watch your investment go slowly down the drain as factors you can't control (HOA fiscal capacity, neighbor quality, propertywide deterioration) begin to take its toll.
Dave is absolutely correct on this.
What kind of structure is the condo? Is it a highrise with a parking garage? No thanks. Just a simple grocery run is a PITA. Then there's the maintenance fees, jacked up on a whim. Prefer a mobile home with a carport, where I can back right up to the kitchen door. Lived in one 8 years, in Phoenix. Bad investment? Not for $4k. Sold it for $5k cash. Was worth more but it helped a friend. Now I rent an entire finished basement for $400 and, again, I back right up to the door. It pays their mortgage and let's me defer 30% to my Roth 401k. The 12yo car is all mine and perfectly maintained. Inflation and what others think don't bother me.
I can never get past the 30 out of 80 argument. Take out takes and it’s not so easy to pay down 30k a year.
I think Dave factors in overtime in his math. He never looks at the taxes but if you work an extra day to make it a 6 day workweek you almost make up what you lose in tax from your base salary. So in essence with overtime you end up with the base salary anyway after taxes. He's mentioned overtime dozens of times in his videos.
@@mannyjeanpierre4062 what about salaried folks?
Take home pay is roughly $60k depending on where you live and other factors but let's just go with that. Take another $30k out and you're left with 30 for the year. Rent @ $1.8k would be $18k/yr.
You're left with 700/mo for family medical insurance, transportation, food, utilities, and maybe a Netflix subscription. Yow!
@@pkal244 salary pay would be the same. Overtime to pay for necessities and base salary to pay off debt. In essence your base pay is for debts and overtime pay is for necessities. It seems the way Dave works it out at least.
Bought my condo at $98,000 cash and rent it out for $1600 fully furnished . Sounds nice but HOA is now $750 a month and just got hit with a $5100 “assessment” basically this has been a nightmare with a horribly run board of old farts . I think my best move is to sell it at $200k (I made it a lot nicer and the prices have gone up ) just sucks bc I thought this thing would be a big money maker for me . Warning to all to choose your condo wisely . Side note , I own another condo downtown that is not as nice and I rent it fully furnished for the same $1600 a month and HOA only $350 . Just have to research and learn the hard way I guess
What about townhouses
"come to my condo." lol who else know that song.
I've heard it. It's caribbean music or maybe tropical
@@greg6941 yeah bro. Stay safe.
@@LegacyLFM you too bro
Condos are a terrible investment. Its the hoa fees that are the problem. They are high and they increase every year.
Single-family homes are in HOAs quite often, too.
Jason Roos not like how condo hoa are structured. You gotta pay a few hundred every month on top of your mortgage and escrow. At least with most home hoa you just pay every quarter of the year and it’s only like a $100
@@beastfromtheeast9318 I was told every $100 a month HOA equates to paying $20k more on a house. I bought a free standing condo for $295k + $190 HOA. A similar house would be roughly $340k. I couldn't get close to what I have now for $340k. More like $450k-$500k.
Affinity hoa has its benefits as far as keeping the neighborhood in line and property values. But if you’re one of those that like to keep a boat on your lawn or don’t like doing yard work then I’d look for a non hoa neighborhood. But most likely those areas are dumps or very rural.
That is what is a dealbreaker for me in Chicago. It's insane 600-800 more a month for HOA and taxes.
If you own a coop or condo and pay hoa do you also pay untilities and property tax and school tax
Do people tell him their net or gross income? Cuz it's not 30k out of 80k if it's gross. It's more like 30k out of 60k in a state with no Income tax..
Condo a glorified apartment.
You made a ton of money yet have to get a loan.
I assume you mean "rental apartment"? A condo you own. A rental apartment you don't. How is one the "glorified" version of the other?
Oh wow, I thought Dave would've said buy the condo cash, live in it, save for a couple years to buy a house cash and put the condo on rent for investment. Is my logic off here? Thoughts and advice welcomed, just trying to learn.
Nope, I agree.....however, it depends on the rents, location, and condition of both properties.
I thought the same thing. Would have made sense to me.
I wouldn’t buy a condo. You’re all up next to a person like an apartment. You’re better with a house and houses appreciate more
Some areas houses are just too expensive for regular people and condos are the only viable option
ed b what about if your single?? Should i still get a house instead?
There does exist free standing condos. They don't always have to share walls.
I’m looking for a Condo to buy , but since I have no experience I wanna ask how much I can make monthly clear if I’m renting it ?if hire property management and gross monthly income is about 1500$? I wanna know what the expenses ,thx
Made a lot of money on RE deals but now can’t afford a $120,000 house?
I’m 56 and I have owned a condo for nine years. I’m now afraid of the condo deconversion issue. NEVER buy a condo when your young!
Why do you think buying a condo when are young is a bad idea?
@@billiechung
Unless you want to take a chance at moving; better off getting a house
It seems like the key factor for buying a condo is the HOA. I've seen HOA as low as 100 a month while other HOA is significantly higher
BRIAN ANDERSON yeah my hoa is 50
Don't forget HOAs cover some utilities. The usual is water, sewer, garbage. Also the exterior, unless your hoa is poorly run and doesn't keep a strong enough reserve fund that will lead to a special assessment
Not to mention plenty of single-family homes are in HOAs.
The hoa can increase at anytime
Best state to get a condo?
Brandon Mills Not state, city. In dense urban areas like New York City, San Francisco, etc. , condos are good based on limited housing availability and continuous rent increases
Miami Florida
Unless you pay cash, and don't take out a mortgage, buying a home is almost always a bad investment. Debt is always bad
Y is buying home bad investment?
@@samanthalake5011 buying a home at 500k vs 200k with a 100k income. That's the bad investment?
@@JK20239 Okay
You're incredibly stupid, debt isn't always bad. I borrow money extremely cheap (3%) for property and rent it out for near 15% return. I'm making money with somebody else's money, how is that bad? Idiot.
@@samanthalake5011 Taxes, renovations, maintenance, and in some areas HOA/HOA fee & rules. Plus you never actually 'own' your home, stop paying property taxes and see what happens.
Appreciation is not Investing. Investing is not Appreciation.
That isn't even remotely true.
@@jason_v12345 You must be joking. Do you even know the definition of an investment?
Condo aint debt free. Once the special assessments start kicking in you will be in debt.
GREAT PROGRAM NOW 2021 a whole new world
Condos are good if don't want to cut grass, outside repairs, well like. Every one hate me and stay stoner.
Terrible advice. Always avoid debt. Not usually avoid debt.
I would disagree. If the interest rates are low and you are buying a quality home or condo in a good area, it will appreciate over time greater than what your interest payments are. There is good debt & bad debt. Investment debt, especially debt that can be written off is good, credit card debt is bad.
Duh the land appreciates and the house itself depreciates. He should have explained. The same is true for a condo made with steel and concrete instead of lumber. The lumber one is going to have no value over the long term. Remember the condo does not have land but it is easier to rent. Condos are for starters. Get a townhouse where there is less maintenance after the condo. Try not to be a slum land lord.
I'm loking into buying a condo because i am 20 ky brother os 22 amd my mother is 53 and we have came so far in the last 10 years from being on every government help out there to being on non and working hard ajd im visually impaired and it will allow usbto get outnof the hood and into the middle class
Buying a home to live in isn't an investment, it's an expense.
If it were an investment then you could estimate the cash to cash return to make the decision.
Buying a home is an investment; renting a home is an expense.
It can certainly be an investment if you don't plan to live their forever.
Also, the opposite of "investment" isn't "expense." Investments are expenses. You pay for them. Therefore, they are expenses.
Why isn’t he looking to buy another home? Didn’t he just sold one?
Dave Ramsey’s demeanor used to not bother me, but now it bothers me haha
He used to be harsher back in the day ...I think he's dialed it back over the years.
hines862009 I gotta pull up some older videos hahah
Fort myers is cheap this guy is broke
Depending where in fort myers
Slippin' Jimmy what are some good area in fort myers, im 26 and thinking about moving there
Good day sir! :) There are lots of condo units to invest here in Cebu, Philippines, good thing you can rent it while paying your monthly amortization. Prices of condo units are cheap even if it's near the city. If you are interested I'll refer you to our realty company where you can trust.
What about a $500k, 2br condo Chicago
F'nance
I though he made a ton of money on the sale
i have Condo, ferrari, and hot wife.
Has she taken your condo and Ferrari yet? lol
Condo and Ferrari is good enough. Why the need for hot wife
I can’t comment on this one I own single properties .
Buying a condo is a terrible decision
Wrong. I paid cash for a small condo and save 60% of my income from not having a rent or mortgage payment and I'm 27.
@@JB-tr2undo you still have that condo?
@Amaymay1000 yes, I do.