Atlanta, GA · Member since 2016 · 36 posts · 7 votes
Hi all! I have literally been burning the midnight oil trying to learn and find my first deal. Last night I came across a small 1 bed/1 bath condo near colleges offered at around 57,000. Price started at 82,000, but it has been sitting on the market for over 100 days. It needs absolutely no work and is rent ready. I am wondering how the owner might respond to an offer around 35-40. I know it's unlikely, but hey you won't know unless you try right? The unit seems to be in a great place... right near colleges, public transportation, and shopping. Not necessarily the best neighborhood, but I think it would appeal to college students. Thoughts?
What is your average DOM? If it is well past average DOM then there might be an issue you have not considered. One BIG problem with condos is their regulations. You need to know what is allowed before making an offer. Keep in mind that they CAN amend rules that hurt landlords. I personally only buy condos to flip. My last one, though profitable, was a real PITA dealing with the assn and you really have no choice but to be nice and smile and deal with them. You usually will never win a disagreement with them..and this would only increase tensions and could affect your deal.