UrbanTurf Reader Asks: Is It a Problem to Own Two Condos in the Same Building?

by UrbanTurf Staff

UrbanTurf Reader Asks: Is It a Problem to Own Two Condos in the Same Building?: Figure 1

In this installment of UrbanTurf Reader Asks, a condo owner wonders if there are any issues with purchasing another unit in the same building.

"I bought a condo a few years ago and recently saw another unit listed for sale in my building. I am considering making an offer on the unit, but am wondering if there are any issues with owning multiple properties in the same building or if this has become a common practice?

Post your thoughts in the comments section. If you would like to submit a question for UrbanTurf Reader Asks, send an email to .(JavaScript must be enabled to view this email address).

See other articles related to: urbanturf reader asks

This article originally published at https://dc.urbanturf.com/articles/blog/urbanturf_reader_asks_problems_with_owning_two_condos_in_the_same_building/5474


  1. doug said at 3:37 pm on Monday April 30, 2012:
    Seems like a wise investment decision, but two questions: 1) Does your condo board have any restrictions preventing current owners from owning more than one unit in the building? 2) I imagine you will be renting one of the units. Are there any restrictions about how many units in the building can be rented at one time?
  1. PortfolioTheory said at 4:27 pm on Monday April 30, 2012:
    sounds like you're not diversifying your risk. I mean a particular neighborhood, or particular building could have problems of whatever kind - it seems to me like it would be better to own in different buildings, and better in different neighborhoods. Seems like thats a pretty big tradeoff for convenience.
  1. elky said at 4:31 pm on Monday April 30, 2012:
    If you can rent it and cover your mortgage and then some (very possible these days), then it seems like a no-brainer, assuming your building is OK with you renting it out.
  1. JE said at 4:36 pm on Monday April 30, 2012:
    This very good feedback--I agree with Doug regarding owning in different areas and to make sure the homeowners assocation does not have anythign in bylaws regarding owning multiple units-but like elky said if you can cover your mortgage and THEN SOME its could very possible be a win win.
  1. Josh said at 7:12 pm on Monday April 30, 2012:
    I agree with the comments made. With respect to what PortfiolioTheory says, I agree in general, but it all depends on the facts. Diversifying risk in investments is certainly important, but where you genuinely think a piece of property is undervalued or valued properly, and you can mitigate your risk (and earn income) by renting out at your mortgage rate, then I would not think there's much, if any, tradeoff.
  1. saladman8283 said at 8:08 pm on Monday April 30, 2012:
    One potential down side: You may get some pressure to serve on the condo board!
  1. Susan Isaacs, Realtor said at 8:09 pm on Monday April 30, 2012:
    What a great topic! Be aware that if you're not paying cash for this second unit, the mortgage loan will carry higher rates and different terms for "investment properties." I think it makes great sense to own a rental unit in your own building, as long as your tenant isn't tapping on your door at midnight about a leaky faucet. Do check with your association about restrictions and remember, in DC landlords need a business license. Some tips for screening tenants: http://www.susanisaacsre.com/tools-2-use/tenant-credit-reports.html
  1. Matt Rexrode said at 8:18 pm on Monday April 30, 2012:
    Also, keep in mind that with condo financing, you will have issues with financing (and your neighbors too!) if you own more than 10% of the units in the building.

DC Real Estate Guides

Short guides to navigating the DC-area real estate market

We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!

Northern Virginia

Profiles of 14 neighborhoods across Northern Virginia

Looking to Give People A Reason to Stay Past 6pm
Happily Straddling the Line Between City and Suburb
Columbia Pike
Arlington’s Neglected Stepchild is Getting a Makeover
Crystal City
Turning Lemons into Lemonade
Lyon Village
Developing An Air of Exclusivity?
Hitting Its Growth Spurt
An Urban Village Hitting Its Stride
Del Ray
Virginia’s Small Town Near the Big City
Eisenhower Avenue
The Vibrancy Might Take a Few Years
The Quiet Neighborhood By the Beltway
Old Town
Mayberry By The Potomac
132 Commerical-Free Acres
Downtown Falls Church
Staying the Same in the Midst of Change
Tysons Corner
Radical Change Could Be On The Way

See more Northern Virginia »


Profiles of 14 neighborhoods in suburban Maryland

Small-Town Living in the State Capital
Bedroom Community Gets Buzzing Cache
Cabin John
In With The New While Maintaining the Old
Chevy Chase
Affluence, Green Lawns and Pricey Homes
Downtown Silver Spring
Experiencing a Resurgence After a Bumpy History
A Suburb on Steroids
Rockville Town Square
Despite the Dynamism, Still Somewhat Generic
Takoma Park
More Than a Little Bit Quirky
A Foodie Magnet on the Verge of Change
Capitol Heights
Kudzu, Front Porches and Crime
Glass Half Full or Half Empty?
Mount Rainier
Artists, Affordable Homes and A Silo Full of Corn
National Harbor
A Development Rises Next to the Potomac
Riverdale Park
A Town Looking For Its Identity

See more Maryland »

Northwest DC

30+ neighborhood profiles for the city's biggest quadrant

16th Street Heights
DC's Sleeper Neighborhood
Where (Almost) Everyone Knows Your Name
AU Park
One of DC’s Last Frontiers Before the Suburbs
DC’s Northern Neighborhood on the Cusp
DC’s 535 House Neighborhood
Cathedral Heights
Do You Know Where That Is?
Chevy Chase DC
Not to Be Confused With the Other Chevy Chase
Cleveland Park
Coming Back After A Rough Year
Columbia Heights
DC’s Most Diverse Neighborhood, But For How Long?
An Island of Serenity East of the Park
Dupont Circle
The Best of DC (For a Price)
Foggy Bottom & West End
Where the Institutional Meets the International
Forest Hills
Ambassadors and Adventurous Architecture
Foxhall Village
350 Homes Just West of Georgetown
Friendship Heights
A Shopping Mecca With a Few Places to Live
History, Hoyas and H&M
Glover Park
One of DC’s Preppier and More Family-Friendly Neighborhoods
A Posh View From Embassy Row
LeDroit Park
A Quiet Enclave in the Middle of the City
Logan Circle
Trendy Now, But Not By Accident
Mount Pleasant
Sought-After Homes Surround Main Street in Transition
Mount Vernon Triangle
From Seedy to Sought-After
The Long, Skinny Neighborhood at the City’s Northwest Edge
Park View
It’s Not Petworth
Penn Quarter/Chinatown
DC’s Go-Go-Go Neighborhood
Getting a Vibrancy of Its Own
The Duke’s Former Stomping Ground
Shepherd Park
DC’s Garden of Diversity
Spring Valley
A Suburb With a DC Zip Code
Not To Be Confused With Takoma Park
Not Quite Like Its Neighbors
U Street Corridor
The Difference a Decade Makes
Woodley Park
Deceptively Residential
Adams Morgan
No Longer DC’s Hippest Neighborhood, But Still Loved by Residents

See more Northwest DC »

Southwest DC

The little quadrant that could

Southwest Waterfront
A Neighborhood Where A Change Is Gonna Come

See more Southwest DC »

Northeast DC

Profiles of 10 neighborhoods in NE

New Development Could Shake Up Pastoral Peace
A Little Bit of Country Just Inside the District’s Borders
Not to Be Confused With Bloomingdale
Fort Totten
Five Years Could Make a Big Difference
H Street
A Place To Party, and To Settle Down
The Northeast Neighborhood That Few Know About
Michigan Park
A Newsletter-On-Your-Doorstep Community
Evolving from a Brand to a Neighborhood
Ripe for Investment Right About Now
The Difference 5 Years Makes
Big Houses, A Dusty Commercial Strip and Potential

See more Northeast DC »

Southeast DC

6 neighborhoods from Capitol Hill to East of the River

Capitol Riverfront
Still Growing
Hill East
Capitol Hill’s Lesser Known Neighbor
Congress Heights
Gradually Rising
Notable for Its Neighborliness
Historic Anacostia
Future Promise Breeds Cautious Optimism
Eastern Market
A More European Way of Living

See more Southeast DC »