So you want to become a real estate investor? I'm talking about buying a home and renting it out, having the tenant pay your mortgage and a little cash-flow on top of that! In our hectic market, with the lack of houses for sale, one option of home ownership is often overlooked, but carries a lot of advantages: Condominiums! There are a number of benefits to owning a condo as a rental property, especially for first time real estate investors just starting their portfolio. For example: 5 reasons why Condos are excellent for the first time real estate investor Get a nicer place for less money Finding a $200,000 to $275,000 house in a decent neighbourhood is nearly impossible in Winnipeg, unless you're willing to put some money into renovations. In the end, the investor will still be left with a 60-yr old house. On the other hand, for the same money, you'd be able to find a new, or nearly new condo, which will not need any renovations, but is ready to be rented out. Lower Management costs or headaches Condos come with landscaping maintenance and snow clearing services built right in. No calls from neighbours, upset at the fact YOUR tenants are not keeping up the property. Fewer Repair Issues Since you're able to buy a newer condo for the same money, odds are that there will be fewer repair and maintenance issues inside the unit. And since the building itself is part of the condo-collective, most exterior maintenance is handled (and paid for) by the condo fees. On the subject of condo fees, its important to point out that a large percentage of those fees help to reduce, or outright pay for, costs you would incur in a house. Read this article to see why condominium fees are not the big bad wolf some people think them to be. Lower Insurance Fees insurance costs for stand-alone, or even attached, houses are expensive. If that property is used as a rental home, the insurance fees go up, doubling or even more. The same is not true for condos. The building is already insured (part of your condo fees) so you only have to pay for your condo interior upgrades, significantly less than insuring the entire home. Like, 80% less. More Control Over Tenants Ever drive by a house where the yard is not kept up, confederate flags hanging out the windows, derelict vehicles in the driveway? That won't happen in your condo! The tenants HAVE to abide by the condo rules, which prohibit all of the above behaviour.