Condominium Complex Inquiry

3 Replies

I'm doing some preliminary work on purchasing a condo in Mobile, AL, but the complex itself is a bit shoddy. It looks poorly run. Which led me to the question: Can I make money purchasing the Condo Association itself? As in, owning and operating the complex itself. Any thoughts or insights are appreciated. 

Hi Cody, I did a search on commercial condominiums and came across post from over a year ago.  I was wondering it you ever moved forward with purchasing one or if you were able to buy the complex.  I'm interested in developing this type of project.

Jeff Verreault

Hey Jeff, I did buy the condo. 2 months later the HOA called an emergency meeting saying that a developer came in and bought 53/64 units. The developers announced a $20k special assessment to the remaining homeowners and just recently announced an additional $5k. They started a 6 million dollar Reno and will finish in March as of now. They bought each unit for $58k and put in (from heresay) another $50k. I think they're gonna make their moneys worth. Bit of a pain living in a totalitarian HOA tho.