I am purchasing 5 condos at $16000 a piece. Total price 81,000. Four 2 bedrooms and One 1 bedroom. 2 bedrooms rent for 650 and the one bedroom will rent for 500. HOA is $159 a piece include water, sewer and trash. Taxes are $350 a year average and insurance is approximately the same. Each condo needs approximately $5,000.00 in work. Is this a good deal?
Were they Foreclosed? Whats the HOA's financial health? Strictly buy and hold? Beware of stated HOA monthly fees.
they are not foreclosure, buying from another investor. I already own 3 condo's in the building. The HOA board is horrible, this with give me majority ownership in the building and and opportunity to get rid of current board members. I am a buy and hold investor.
@Mo Thomas Hey Mo, I'm working on a very similar deal right now, Myself.
If Your renting 3 units right now, then You have an inside track.
I would get Very familiar with the actuall HOA docs on file, I would also gett My attorney to evaluate them, and help with the Power Play strategy, after holding the majority vote.
Make sure that You know all the problems and differed maintenance issues, because with majority ownership, comes majority of the costs of the upkeep.
Good Luck, John
I finally closed on the first of the 3 condo's. I am now a majority owner in the building. I am in the process now of getting on to the HOA board.
I have purchased more condo's in the building, I now own 8 of the 17 units. A couple of the units are a couple horror show. I am slowly renovating them one at a time.
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