Flipping Condos for profit

[Langston Washington]

Who can direct me to someone who is familiar with this concept and also lead me to education on this topic?

[Tom Parris]

Hi @Langston Washington,

Very difficult to flip a condo, but it works really well in the BURRR strategy. Flipping one is not impossible, just very difficult. The community will have other identical units that have sold that act as comps. So buying retail isn't the best idea. On the flip side, buying distressed isn't a great idea either. People who are in foreclosure or in a short sale are not paying their mortgage, and with that, not paying their HOA. Most of time, deals fall apart because no one wants to pay the delinquent HOA balance. That eats away any meat left on the bone.

I recommend buying a condo that's 10-15 years old, so you know that the remodel won't be too terrible. Afterwards, rent it out for 2 years, to pay your overhead till you sell it for profit.