Wondering if anyone's had experience flipping condos? Were you successful? Or was it a nightmare?
Looking forward to the responses! Thanks!
In my experience it depends on location and feasibility of trashing out the units, and HOA fees. I ended up buying renovating and holding some that cash-flowed immediately. I flipped a few in high rental and purchase places in Anaheim. I have a friend who has recently flipped some in mission Viejo and they have sat for about 6 months on the market. I think the age of the condos really matter also. the condo i ended up keeping it was built in 64, and original cabinets were rotted out and infested. I also ended up having to replace all the plumbing into the unit because of the care provided by previous owners.
If I can find it and the numbers work out I will flip it. Currently in the process of flipping a condo in San Juan Capistrano. It's all about the numbers and how quick you can get in and out. Know your market and your investment.
@Jonathan Wilks I'm curious about your comment regarding the age of the condo...has it been your experience to be the older the better? Or was it mainly that the old the condo, the worse potential condition?
@Joe Homs Do you use the same calcs/ratios on Condos as you do on SFRs?
It seems that condos, particularly in Beach communities, can be all over the place on price. Of course, some of that relates to the distance to the water. I've read some suggest that you need to base ARV on comps in the exact same facility. But sometimes that's challenging if none of the other units have sold in the last year. Given this, how do you base your comps on the condos?
@shawn I find that age just makes you be a little more creative some times, however age has also been a good return for me.
@Shawn Crowley , yes I do. Obviously there are HOA fees in condo purchases, but there are some in SFR's as well. Work the numbers.
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