Temecula, CA · Member since 2015 · 6 posts · 4 votes
I've been wholesaling properties in SoCal for about 2 years and I have a Condo deal I am thinking of flipping on my own.
Never done condos so I may just pass along the deal. Any advice would be good.
Comps run $450k to $540k.
Current for sale units are $499k.
Clean unit but original 1980 finishes.
Under contract for $325k fully furnished.
HOA $450.
Maybe $40k for a nice rehab.
Any advice? Yes or No to rehab or should I Take $10,000 and pass it on?
Anyone interested in taking it on if I do wholesale it?
I do a lot of condos in Chicago and Florida. Those number seem slim to me, but that's California. The only things to worry about is the HOA - are there rental restrictions? Are they involved in any litigation? Are there any special assessments planned, or obvious deferred maintenance in the association that will result in a special assessment? Otherwise you should be good to go.