What About Condos And Townhouses??
My first questions is...has anyone read "Make Money with Condominiums and Townhouses" by Eldred?
My second questions is...can you - without a ton of red tape - buy these properties sub-to?
My third question is...would you want to? Are they an good but overlooked investment?
And my fourth question is...have any of you made any money investing (sub-to OR buy-and-hold) in condos/townhouses?
Thanks in advance.
My only experience with Townhouses and Condos is just buying them and renting them out. They are not a bad investment but then in the last few years what has not been. Almost everything has gone up like crazy. I bought a one bedroom one bath condo with two parking spaces in underground parking. I bought for $68,000 and held it one year and sold it for over $200,000 right in the heart of www.Hollywood.Most of the tenants are Russian. They all hang out at the pool and it is rather fun. My Buyer is Japanese, talk about a fish out of water. But they are all involved in the industry either as wanna be or goonnna be.
I hae fliped a few for my many deadbeat friends from the Air Force, they all seem to come here when they get out. Of course none have any money so I work on a delayed payment basis. I pick up the little units for $70,000 and I sell them for $120,000. They cover my downpayment if there is one and I let them grind out on the wraparound which generates a few dollars a month and some time way out in space they will refinance and I will have money. Excuse me not me my children.Damn I keep forgetting I am a newby now. Lucius
Lufos:
are you talking about a wrap around. If so, how does the new mortgage that getting wrapped around the old mortgage get recorded. As a second?