All Forum Posts by: Account Closed
Account Closed has started 88 posts and replied 149 times.
Post: Renovate with tenants inside?
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Originally posted by @Barbara G.:
I don't really know what you mean when you say you want to apply it to "Units" instead of the whole apartment? What does this mean. Do you mean you want to do one apartment at a time??
You can renovate while you have tenants in place and still collect the existing rent from them. What kind of renovations are you talking about?
Because of the country i'm in have Strata title, i cannot buy the entire building as there is a community running it. Some renovation to the kitchen, bathroom, and if needed to, build additional bedroom to create a certain niche in the market for my property to stand out. And really? I can still collect rent during the renovation?
Post: Renovate with tenants inside?
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- Posts 149
- Votes 8
Hello BP, i read the brrrr & i want to apply it for units instead of the entire apartment. If there are tenants inside when i bought the units from the seller, what do i have to do before i start any major rehab?
Hello BP, so i read many bad things about Condos but in the country which i invested in there is not much difference between condos & apartment because of the "Strata Title" in which each units is individual owned and controlled by the association.
Countries like Singapore, Dubai, Philippines and Australia adopt this system and i was wondering, is there anyone here know how to invest in these type of property by increasing its value through income & expenses because unlike the USA Apartment, the building can be owned by a single individual instead of a piece of the building?
Originally posted by @Steve Babiak:
Yes, after a number of years the owners have lost interest. You contact as many owners as you can to solicit getting them to name you as their proxy, then when the election is held you end up voting on behalf of a bunch of people for your favorite csndidate(s).
Which the favorite candidate will be me, right? And afterward, i can run the condo almost like an apartment but i can still used a PM to manage the condos, right?
Originally posted by @Steve Babiak:
After a few years of existence, the typical HOA winds up with mostly disinterested owners who will not show up for the annual public meeting where HOA officers are elected. So the clever way to gain control is to get as many votes as possible. And that can be done by getting as many owners to give you their proxy, so you then cast a vote on their behalf.
When you mean the "few years of existence", you mean a HOA that been established for a while now, and how do i get their proxy? (I'm very new to this area)
Originally posted by @Ned Carey:
@Account Closed I didn't hear the podcast but i suspect what was meant by "Control the HOA" is that have enough condos in the complex that you have enough votes to have majority control.
My view is you still have risk because of no control over the units owned by others.
Can't be help because the country that i invest in whether it is apartment or condos, have their own communities. Sad isn't it
Hello BP, i had mention before that i will be targeting condo due to the country i plan to invest in so there is actually very little option if i want to do a syndication.
I read the many bad things about condos especially regarding the HOA in which you have no control. But recently i heard from a podcast that invest in condos seem reasonable if you control the HOA.
Anyone here in BP happened to control the HOA & how?
Hello BP, so appreciation in condos is slower compare to a single house & it is true in my areas but because of the limitation in purchasing other type of properties, i had very little choice if i want to do a syndication on multi family units.
So had anyone in BP ever done a BRRRR on Condos and how well did it go?
Originally posted by @Carolina E.:
@Account Closed I have dealt with a few condos and a lot of the value can come from the property management. If the company manages correctly (money, maintenance etc.) the grounds and buildings are kept up and this will also add the desire for people to want to move in.
So based on what i know the HOA is the one who maintain the ground & building, and my property manager will be focus on the revenue & expenses side. Combine those two will add value to the condos yes?
Then what factors can i do to add the value to my condos unit without the HOA help?