Chris Prefontaine explains when condo deals make sense for real-estate investors. Condos work fine with creative financing, but watch HOA fees, master insurance policies, and rental restrictions. If you're short on single-family leads, condos fill the gap. If leads are plentiful, skip the extra complexity.
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Creative financing deals can be done on any asset. That means single-family homes, that means multifamilies, that means commercial. That also means that you can enter and buy condos as well. We got asked from a student that said, should I be calling on condos? My answer is yes, you absolutely should be. We've done plenty of deals on condos. There are additional nuances though when it comes to purchasing condos. First and foremost, there are additional fees like HOAs, those that actually can be quite significant as well. There's also different insurance policies when it comes to condos, like having the master policy which is on the outside, which also could be included in your HOA fees. Which means that you only just really need a simple policy for the interior, which could actually save you some money there. There's also some nuances when it comes to your condo association and their rules that come with it. Some of them allow you to rent, some of them don't allow you to rent. So should you be calling on condos? The simple answer is yes. But is it a little bit more complicated of an answer than yes? Well, I would say yes. And that just means that you have to ask additional questions in order to determine which condos are viable for you to buy. If you are, if you find yourself in this position, let me say this. If you find yourself in this position where you are not getting enough viable leads, meaning qualified leads from single-family homes, and you need additional leads in order to start hitting your goals when it comes to your properties under agreement and properties sold, the revenue that you're trying to generate in your business, then I would include a new lead source like condos. If you are finding yourself in a position where you got plenty of leads, then there's no reason to enter into the condo market because of these additional complications. When it comes to these real estate deals, all 3 paydays can be created on condos or they can be created on single-family homes. It's just gonna be up to you on whether or not you want to decipher each and every one of these condo leads in order to determine whether or not this is going to be a great deal for you and if your options are the best fit for that seller. I encourage you to dive into our first Amazon bestseller book at wickedsmartbooks.com/youtube. It's absolutely free, and we show you exactly how we execute our 3 Payday System. We can create cash now, cash monthly, and backend profits Through creative financing and how we've actually done that on condos in the past as well. So for you, at the end of the day, if your leads are aplenty, then go ahead and avoid condos. But if you need more leads, utilize condos.
