All Forum Posts by: Roman Pak

@Jonathan K. Thanks.  I understand the importance of getting multiple reno quotes, but in a fast moving market, sometimes I don't have the luxury of bringing in multiple contractors or even looking at the property more than once, for that matter.

Forgot to mention, the rejection of the first property, came with a note that said, and I quote "The offer is too low to counter, and if you plan on submitting another offer, make it a reasonable one."

So I put in two offers in on Wed. afternoon on two properties. 

One of them is in a really hot area for real estate right now. Homes sell in a matter of a week or so. The asking price was 210k (on the MLS). The house has a TON of renovation to do. Part of the house is sinking, and the rest of it hasn't been updated AT ALL since 1976 it looks like. My contractor estimated (with a buffer) renovation costs would be 45-50k. So, I offered $136K. Just heard back from the agent that the offer was rejected, and no counter offer was given because it was too low. Bummer.

No response yet from the other property. Which was in a not so great area, and the house was in just as worse shape, except the size of rooms was absolutely tiny, hard to image how to fit a bed in there, much less anything else. Offered 90K on that one, although asking was $190K. 

Am I being crazy, or are the banks really trying that hard to play the momentum of the housing recovery. 

@Leon Trak Here's a discussion on BP that shows exactly what HOAs can do.  http://beta.biggerpockets.com/forums/52/topics/132...

@Leon Trak I'll start by answering your question directly. In my opinion I would choose option 1. I don't know what other expenses you may have such as those listed my @Jordan Thibodeau But assuming all else was equal I would go with option 1. 

Now, my two cents. 

I wanted to start investing in condos as well, and asked a similar question here on BP, I received a reply from an investor that completely changed my mind. Here is the jist of it. 

A property with an HOA is like investing in a high risk stock. HOA's are notorious for changing renting rules, increasing fees and banning one thing or the other, or choosing to change what is covered under the HOA fee. You essentially have little to no control over the property you own. Furthermore, as an investor you would need to make it a priority to attend Association meetings and possibly even get on the board so you could provide insight and help maintain a friendly environment for yourself and your tenants. That is a responsibility that not may investors are looking for, because time is a precious commodity. The last thing I would want is to spend two hours in an HOA meeting instead of spending those two hours finding deals.

@Larry Tacker Welcome! Your experience in the finance sector will greatly help you on your journey. 

@Brie Schmidt Whoow! Congrats! Best of luck to you. 

I also like the fact that you can listen to the podcasts from the site, without going to itunes.

Love the new look and feel.

@Angie B. Looks like a nice product.