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HOA fees are built into the market rent, so that’s not really the issue. Many are successful at renting condos and apartments, but I prefer SFR’s and duplexes that are in SFR neighborhoods. My target tenant is the long term renter, preferably a family with children that will stay put. Vacancies erode profits and take up time. My portfolio is passive with very little oversight needed. While condos are better than apartments, they typically have a higher turnover than SFR homes. But, I don’t live in NYC so get that this is a good option there and the turnover may be less.
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You don’t have to invest where you live.
I have a condo for a mid term furnished rental, works pretty well. Especially because there are 2 pools that are heated year round, which is a big amenity that people look for in the market I’m in (AZ)
I absolutely prefer condos over houses. For me it just seems to be convenient especially with cost. Some condos still give the benefits of and apartment with the other of ownership.