Flipping a Condo? Yea or nay.
We have a family member wanting to divest of a 2/2 condo that they are no longer living in. It has been rented for the past couple of years to another family member who is moving out of town. The owners know we have just begun in real estate investing and want to know if we are interested.
The property is available at a cost about $35K less than what that same unit in that same condo community has been selling. Will need paint, etc. I'd like to make some updates (we are contractors) and try to sell or this property would be good as an executive rental. Great West County location; built in 1984. This is a pretty hot market right now and things are selling quickly. The monthly HOA fees give me pause but there are some owner financing options that we may be able to work out.
Does anyone consider 'condo flipping' a solid strategy?