What is better- Buying Foreclosure homes and fixing them to re-sell OR Investing in apartments or condos?

Question

In other words... Which way will give me better cashflow and get me richer faster? THANKS FOR YOUR KNOWLEDGE

Answer 1

From the research I've done, being a landlord sucks and it takes a while to get your money back unless you sell the place. you can pay a management company but that lessens your profits. And you have to keep the place rented to make money. Reselling properties may be a little riskier but there is a quicker turn around time.

Answer 2

Personally I think homes are better as they hold thier value better than condos. I live in a neighborhood where there are both. The homes sell immediately and the condo and townhouses remain on the market much longer. In fact this year alone I've seen 3 different townhouses/Twinhomes/Duplexes sit on the market long enough they foreclosed and even though the bank now has possession they are still empty and unsold. The 3 homes that have come up on my block have sold within 90 days on the market.

Answer 3

This is only my opinion but I would think buying the homes and reselling them is better. Once it's sold it's completely out of your hair. Whereas if you rent, you're going to have to fix things all the time which will really add up in the long run. Tenants don't care, they're renting the place not owning it so they won't take that good of care with an apartment. Hope that helps you some and good luck!

Answer 4

Buying Foreclosure homes-- when you buy apartment complexes, or condos to rent, you also have to hire plumbers, electricians, handy men, lawn care people, etc. to maintain the property. Then you have to deal with tenants getting mad and suing you, having to mediate tenant disputes, etc.

With forclosure homes, you buy them, spend a few thousand dollars to fix them up, and then resell them, making a profit.

Definately buy foreclosure homes, don't get into the hassles of apartments.