Buying 10 Condos at a discount

7 Replies

I'm looking at the possibility of purchasing 10 condos from a single owner that need a lot of work. My plan is to either BRRR them or buy, renovate and flip them. Any recommendations on how to finance the purchase?

Do you know how much debt the current owner has on the condos? Depending on the size of the loan and monthly payment, they may be willing to provide owner financing. Condos that need a lot of work may be difficult to finance by conventional means, which could make the owner willing to consider providing the financing themselves. We've bought 22 condos in 3 separate deals via owner financing, so it is possible.

where are they located?   how much can you put down? 

i can help if i know more details

Hi I am new to realestate, just attended REW Real Estate Workshop in houston, texas, I do not have enough real estate knowledge to pay $40,000, I am looking to find a mentor who can teach and i could do the leg work.
Can you guys tell me how you got started and what are your experiences.

hope to hear from few of you guys

@Aisha Syed welcome to BP. You should start a new thread for that. But first, probably best to look around the forums. You will find a huge breadth and depth of knowledge here that will likely already have answered the questions you didn't know to ask :)

Originally posted by @Ken P. :

Do you know how much debt the current owner has on the condos? Depending on the size of the loan and monthly payment, they may be willing to provide owner financing. Condos that need a lot of work may be difficult to finance by conventional means, which could make the owner willing to consider providing the financing themselves. We've bought 22 condos in 3 separate deals via owner financing, so it is possible.

 Thanks Ken. I believe the current owner has them all paid off.  The loan size would be about $450K.  May I ask how you structured the 22 condos? This would really be helpful for me. Thanks again. 

Originally posted by @Tina Wang :

where are they located?   how much can you put down? 

i can help if i know more details

 Thank you of your  response Tina.  T

here are about 10 condos, they were asking about $450K for the bundle. 

I  was looking at renovating each for about $10K  ($55K total investment each) 

I was looking at selling or refinancing after,  when the value is reappraised at about $75K, which would be a gross profit of $20K each (before commissions, taxes, etc.) 

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