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Ok, we are in our 50’s don’t have much as far as any investments. We do have 100,000 Cash to put somewhere. We could buy two condo’s & rent them out. Sell if market comes back. Or buy a house, do the same, rent out then sell later. I don’t feel good about stocks, banks, pretty much what is a safety measure to take. Not under our mattress either. Lol

3 Thoughts on Is buying a Condo or house a good buy for investment today?
  1. Reply
    Iffy
    February 9, 2013 at 7:16 pm

    You think being a landlord is easy and earns you money. Not happening. Unless you have the cash on hand to pay mortgages, insurance, property taxes, repairs, maintenance when your tenant does not pay rent or the units are empty; you are in for a surprise
    There is no guarantee the homes will appreciate enough to cover the losses throughout the years.
    You need to sit down and work out the monthly costs to carry the house or apts against the potential gain down the road. Put your money in Treasury Notes or Bonds if you are that worried

  2. Reply
    margie k
    February 9, 2013 at 8:14 pm

    You are in your 50’s and have never been landlords?!! Good luck. It takes a lot of upkeep, maintenance, etc. You can have tenants who completely destroy the property. Will you have enough money to remodel completely ?? The only “money” you may make is equity over the years you own the properties and that’s a gamble in itself, the neighborhood could go downhill, etc. there’s so many variables. Do yourself a favor and buy an annuity with a gauranteed return each year, it’s safe, it’s off the tax radar, and it makes decent earnings. You never lose the principal invested no matter what and can withdraw the interest etc. whenever you need it as well. I have one through a company called OM Financial and have just about doubled my money in five years. It’s easy and safe. As a former landlord, this is where I invested my money when I sold my properties and am very very happy with it.

  3. Reply
    magicbird
    February 9, 2013 at 8:27 pm

    No, it’s not a good investment and more importantly, it’s risky. I’m a landlady. I bought a condo as an investment to rent out, back in 2004. I’m barely breaking even. My husband’s right–I would have done better putting the money into stocks and bonds.

    Like the other answerer say:, there are taxes, maintenance costs, condo fees, liability insurance, homeowner’s insurance, water and sewage bills, advertising-for-tenants costs. And what if your unit sits unoccupied for 2 months? And what if you can’t sell it if the time comes? What if it drops in value instead of goes up in value? Even if you CAN sell it, closing costs will take a chunk of it.

    Buying a house to rent out would be even more risky because they’re even harder to rent out and usually require more maintenance.

    But with all due respect, if you’re in your 50’s and don’t have any serious investments? You’ve got other things to worry about. Is $ 100,000 cash ALL you have? Because $ 100,000 is not very much. Listen to Suzie Orman on TV. You need to save hard for retirement.

    Good luck to you!

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