All Forum Posts by: Skip Reath

Looking for a realtor with investment/rental experience to give advice on recently acquired property that needs rehab.   Considering fixing and flipping and/or renting it.  Any help would be appreciated.

Thanks

@Mark Alan Hi Mark welcome to BP.  I own rentals in Westland from my limited experience $800-$850 is what I've been getting. $800 on a 2 BR $850 on a 3BR both are small homes 760-900 sq ft. Hope that helps....

The current board wants to limit the rentals to keep the current ratio. There are a few other investors in the complex but not enough to control the HOA.

@Zoran StanoevIn order to serve on the HOA board you must live in the complex. So as an out of state investor that's not possible. May just have to be patient and wait for the delinquency issue to get cleared up so as to get the FHA approval back so I can sell the 4 units I can't rent or possibly go the owner financing route which I'm not thrilled about. Thanks for your input....

@Gregg Gannett   Would take $40k to rehab a unit and there is one for sale (bank owned) right now for $25k in the same complex.  So my concern is I would have to sell for 90k or less and owner finance.  If my buyer defaults would then need to foreclose which takes forever in Chicagoland and involves more costs. (attorney fees, repair damage to unit etc).  Not sure I want to put the time and effort into that. But will check out some of your suggestions.  Thanks for your advice.

@Sarah Ziehr Doubt any of the other owners would want to buy.  Can you give them away?  Would still do just fine on this deal if I could just keep the 7 performing units.

@Mike Arias Thought about that but can't lease anymore units. Since title doesn't transfer wouldn't a lease option be considered a rental from the HOA standpoint?

Thanks for the idea Sarah...Originally I owned 13 units. They were FHA approved when I purchased.

Currently own 11 condos in South Chicago in a 35 unit complex. Am only allowed to rent 7 of my 11 units.(HOA restriction) Have 4 units that need rehab but I'm hesitate to do so as I can't rent nor easily sell anymore units. HOA has lots of delinquencies and lost FHA financing option. Have to keep my HOA assessments current or lose the right to rent the 7 units. So is there anyway to get rid of the 4 non-performing units as the taxes and assessments are burdensome?

@Upen Patel I checked with the Management company for the HOA and was informed of the following: Total units in complex 35 of which 2 units are 30days, 2 units 60-90 days, and 7 units are >90 days delinquent. The HOA has taken possession of 4 of the delinquent units and 2 are in foreclosure. They have also begun collection proceedings on several of the other units. Any other info you would need to be able to determine if a buyer could get financing? Thanks!