Flipping In a Retirement Community- Can it be done???

Question

Hi Everyone,

Just curious, would you ever flip in a retirement community or have you, and what was your experience? I live near one. A lot of people inherited these condos there and are interested in selling for whatever reason. There is a hefty HOA, but as long as I buy low enough to hold it for 6 months, I don't see a problem. I'm sure there are some regulations and qualifications I must meet in order to buy there, and I still need to look into that.

But overall, I see a lot of buy/sell activity, so its not a dead area.

Just wondering what your thoughts were. Have you done flips in senior areas? Good experiences, bad experiences?? Anything I should think about before I get into this?

Thanks BP!!

Patrick T. · Answer

@Lauren  Hardy These are a specialty niche in real estate. If you are extremely patient, love your grandmother beyond reason, and are ready to create a new life style centered on people who are two to three times your age with more issues than you can imagine, then go for it. That is a market that has been battling realtors for decades.  Try something new.

Account Closed · Answer

@Patrick Tutwiler  Thank you for your response! I might have a good lead for a flip, and the numbers seem to make sense. I'm just trying to figure out if there is something I'm not seeing. I know there is a high transfer fee, but I budgeted for that... Anyway I hope someone can give me some pointers here.

Patrick T. · Answer

@Lauren  Hardy  HI.

As a Realtor I helped clients buy in a few of them.  If it's a community owned by one entity, you might get blocked.  Some of them have to approve, or even insist on brokering every deal.  If it's more loosely organized it could be a good idea.  It doesn't matter what happens in the economy - we all get old.

One thing - do your research on the trends.  There was a definite trend away from ownership (what they call Buy-In) in those communities to rental agreements.  It may be different in your area.