Any money to made with condo's?
There seems to be a number of cond's in preforeclosure in my area. Many with the homeowners association foreclosing for back fees. I know many bylaws do not allow renting plus there may be big assessments that cause devaluation. These look like dangerous waters but maybe a opportunity!
Nice to meet you dansails,
If purchasing a condo to rent proposes a problem then considering flipping them. I work with an investor in Atlanta who buys condos then re-sells them. Of course the numbers have to look good. I wouldn't do any deal if it can't potentially make you 15-20k after all is said and done. If the condo's have enough equity in them to allow a good profit after acquisition expese, fix-up expenses, holding expenses and re-sale expeses, then I say go for it. If you are interested in flipping any properties, look for a selling agent who charges a flat fee for listing your properties. You can figure on paying a buyers broker 3% of your sales price when they bring you a buyer. I generally estimate 4-6 months holding costs which include debt service, insurance and utilities while the house is on the market. If the property sells before this time you come out even better but it's always good to allow for the worst case scenario.
Dan
Hi Dan,
Are you doing shortsales on these condo's for such a good price?
d in c
dansails,
What state is your market area.
[addsig]
Ohio