Toast to 2x Growth in NH :) & Who is in the Condex Niche?
Hey BP Fam. Closed on a condex friday and had a lease and deposit Sunday night, POW! That just doubled my business right there, very humbled and excited by that fact right there. Anyway, just wanted to celebrate with Granite State people and I also wanted to ask if any of you out there consider yourselves in the condex niche? I have two now and I like it for lots of reasons, 1) low entry investment, 2) shared risk, ie if we need a new roof I owe just 50% 3) you can work deals with co-owner (hey I'll pay for plowing if you mow the lawn?). There are negative, slower appreciation imo, resale value is a challenge because they don't go FHA and prospective buyers who can go conventional can afford a better place (probably). BUT, if rules change a condex can go FHA I estimate my value goes up 10% overnight, not that I count on that though, I'm a buy and hold investory. They (condexes) are really a local thing from what I understand talking to banks and insurance companies. Not quite a condo, not quite a duplex. Any way, connect with me if you think the condex thing is your bag becuase I would love to chat and share info.
I was able to score an awesome master policy on this one through All State. If you own a condex a quick tip, quick tiiiIIIiiip (harmonizing) is to definitely quote All State, they do tons of these and I shopped around quite a bit and they were great.
Here's the breakdown (I'm a buy and hold guy):
$650 PITI
$1250 rent, tenant pays all utilities
inside's been totally rehabed, not a finger to lift. Just got to dust and clean the fridge.