Investor · Rota, Spain · Member since 2019 · 156 posts · 68 votes
Found a possible deal for a rental condo that meets my numbers. Called the realtor up since the condo has been on the market for a couple of months and the reason why the condo has been on the market for awhile is that the HOA is suing the contractor for plumbing issues. I think this property is a deal but I am a new investor. Willing to listen about all aspects when dealing with a property that has to deal with current litigation. My intentions for this investment are buy and hold. Thanks for the help.
Rental Property Investor · MN · Member since 2017 · 864 posts · 555 votes
7y
Hey @Dimitri Paspalaris! I'm honestly not sure what to tell you on this, but what I would do if I were you, is consult with an RE attorney about it or with an experienced realtor/property manager
Investor · Philadelphia, PA · Member since 2016 · 2k+ posts · 1k+ votes
7y
I would try to find out from the owner what the scope of the plumbing issues are. Are they in each unit (where if it goes downhill you may have to replace parts), or is it more of the shared/site plumbing with sewer systems, etc.
for example, if the bathrooms were plumber wrong, the HOA has a big project on their hands, but may only be $1-2K out of your pocket to fix it in your place.