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first time condo owner advice

hello, I am a young man trying to make the jump from paying rent, to paying a mortgage. Instead of buying a house, I'd like to go with a condo, as they seem to require less maintenance and i hear is a good investment for a first time homewowner. I am aware of H.O.A fees.

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If i get pre approved for a bank loan, i am looking to buy a two bedroom condominium, with the short term goal of having a friend room with me in the second bedroom and basically pay the majority of my mortgage, and the LONG term goal of eventually owning the condominium, and leasing the entire thing out to someone while i move somewhere nicer, hopefully with my future supermodel wife or something, and having the condo pay for (most) of my current mortgage.

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I plan on buying a 2 bedroom condominium in a cheap part of massachusetts, as i've noticed that a 120k condominium there would sell for about $300k in a nicer area of MA, and since i have no children, i have no interest in the school systems or crime rates. I plan on keeping to myself and staying out of trouble.

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figure id run you guys through my plan here on reddit and see what responses id get. Ive ran the numbers and i believe a 2 bd for $150,000 or less is well within my budget, even if i lived alone.

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In later years, if i try to sell or lease the condo, do you guys think i will have difficulties due to the fact that it is not located in a "nice part of town"?

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Any other tips or tricks i should be aware of?

submitted by /u/swinelordofpigs
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/cjkp38/first_time_condo_owner_advice/
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