Is there anyone in Tulsa that buys & holds or flips condos in the Tulsa area?
Needed some feedback on entry prices.
I'm a wholesaler so my perspective may not be what you want, but the buy-and-hold investors I know say two things about condos: 1. Beware of HOA fees. They can kill your cashflow. 2. Economies of scale (i.e. having several in the same complex) are your friend.
These two go hand in hand, as the more units you have, the more control you will have over the HOA and be able to control the assessments of HOA fees.
I've tried to wholesale condos a couple of times, and the feedback I've always gotten was that ~$20K was the sweet spot for condos, just because that allows you some flexibility with debt service if you're financing. If not, then you've got a little more wiggle room on price.
What are you looking at? Hope that helps.
it would be a wholesale deal. They sell in the 40s fixed up, looks like a few sold recently in the same building for $30 at an investor auction. Just deciding if I should lock it up for $25 where the seller is stuck at.