An investment property could be a good, well, investment.
Benefits of Investment Properties
Apartments and condos in many areas have a waiting list for the next vacancy. Due to this, many people are looking to buy investment properties and collect that rental income. Great idea!
But – before you start looking for a condo to turn into a rental, check with the homeowners association or management company first. In fact, many condo associations are setting limits on the number of investment properties that are allowed. Additionally, some active adult communities are doing the same. Of course, it wouldn’t be good to purchase a condo only to find you are not allowed to rent it out.
What about Single Family Homes?
I’m not aware of any single family homes that could not be an investment property.. Although, if there’s a homeowners association, it’s possible.