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!
- 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
You must be a BiggerPockets member to post on the forums
Join the world's largest, most open Real Estate Investing Community online, 100% free forever!