gracie_jc t1_jcw3poq wrote

This is not the type of thing to do with complete strangers.

If one of you stop paying the Mortgage, the other people would still need to come up with the money. You can’t evict an owner either.

I have a friend that asked me to invest in RE with him. He has a couple of multi-family already. I asked him: how does your rainy day fund looks like? His answer: that’s why I need a partner! So in addition to chip in for the down payment and closing costs, I will be solely responsible for any financial emergency or unexpected expenses? No way Jose, he’s too risky to invest with without having a proper financial plan. I’m not going to be anyone’s “please rescue me, I’m broke” plan either.


gracie_jc t1_j5yqbz0 wrote

1- Yes. I am a small landlord and had to put this clause after one of my tenants called me in the middle of the night for silly things (i.e they clogged the toilet, could not change a simple light bulb, bathroom door handle was a bit loose etc). Why would the HOA charge for small repairs inside the condo though?

2- This one is weird and I would not agree to this. I have a clause where tenants are responsible for appliances ONLY if they do not report issues in a timely manner.

3- Some HOAs charge for move-in & move-out, he is just passing the charge to the tenants. I have rented in high raises and some of them do charge tenants for movein/moveout fees.

I rent below market and do not use a management company. I made this very clear to my tenants so they are aware that if they are high maintenance, I'll pass the charge along.


gracie_jc t1_iwpxow0 wrote


- Poor sound insulation - primarily affects the downstairs unit.

- The condo association structure seems like a nightmare if the other unit's owners are difficult to deal with. This is why I would never buy a condo in a bayonne box.

- Some of them have a shared (tandem) garage for both condo units.


Downstairs unit have a garage and backyard.

- Newer models have individual entrances and higher ceilings.

I think they are good starter homes. I recommend to buy the entire property, if your budget allows for it. You'll have control in choosing your neighbors (tenants) and no condo association to deal with.

See an older (to the right) & newer model, the interior layout is almost the same:,22