I have a condo that I want to sell. I paid cash for it and now it has some very nice appreciation. My NOI is around 10% a month (wish i had at least 10x then this wouldn't be an issue). I asked my realtor if I should sell it and buy up like a quadriplex. He told me that it would be difficult to sell because I would need an all cash buyer. The condo is among many condos. The ratio of renters to owners is greater than 50% i believe. I know certain HOAs don't allow more renters than owners. I was wondering if it is possible to be sold to a person who puts a down payment and lives there. I am sure the all cash buyer can buy it too. Any thoughts? Yes I also don't mind keeping it, better than the bank, but Its a condo.
leave it alone, it is a cash caw.
I'm with Morry... you have a solid property, why sell? If it's a return on equity issues, why not do a cash out refi or HELOC to tap that?
My NOI is around 10% a month
Is that a typo? If it is really 10% a month, then why sell? If you must, you shouldn't have an issue finding a buyer, cash or financing with that NOI.
thanks for the replies. I know I get a good return. I purchased at the bottom of the market.
if I sold now, I don't think the new buyer will be as fortunate for the NOI.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.