Wholesaling in 55+ communities, Can it be done?

Question

I'm interested in possibly moving to florida, where I know there are a large number of 55+ communities. Can you wholesale houses/condos/duplexes in 55+ communities through lets say a probate, foreclosure, short sale, etc?

I know they have age restrictions for those who live in the property but is it possible to wholesale one to another investor who plans to fix and flip or rent it out?

If so are there any restrictions from the home owners associations or gated communities these properties might be in or part of?

Thanks,

Keith

Maurice Lightner · Answer

Hey Keith did you have any luck with this?

Josh Justiniano · Answer

Hmm. I personally target property that is easy to sell.  But, I'm sure it can.

Patrick T. · Answer

@Keith Saunders This is a real niche market. I had an arrangement with one 55+ community as a sales manager and worked with a number of buyers and sellers when I was selling real estate (I earned the Seniors Real Estate Specialist (SRES) designation from the National Realtors Association).  Which tells you that working with seniors is a big market.

These communities are acutely aware of the value of their properties.  Type in Senior or 55+ communities on your browser.  The marketing is vast.  And the communities want control over the individual units.  That means your competition may be the people who own the community.

That said, if you are serious, this is a huge industry.  When I was in it the "Buy In" communities, which I assume you are thinking of, were on the decline in a big way.  Retirees just found more value in rentals.

You have to research what the financial issues for retirees in your area are; what communities have which mix of ownership and "aging in place" options for the retiree (they are complicated and many).   Your target buyers are mature (sophisticated), experienced in RE transactions, wary, and usually in no hurry.  All of which work against quick and smooth transactions.

I made a lot of friends when I did that.  But not a lot of money.  Investors need to ride in markets that aren't saddled by the competition.