There is great risk here, be careful, or stay away. That will tell you virtually everything you need to know. And keep in mind that a lot of board members don look too favorably on investor owners they have a big concern about what kind of renters are going to come into the property, particularly if its in a distressed area.
It took me submitting 30 offers on 30 properties for one bank to finally accept my price. Average list price was $130k. I offered $65k. That set the market and sales took off.
have a great cash flow from it. The property is in a distressed neighborhood.
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This could be a very bad situation but it is possible to get control by getting a few people together and taking it over. This is so time consuming though that it can become a full time job.
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Bad Condo Complex
am looking at buying a property and just wanted some input for everyone. There is a condo i am interested in purchasing to repair and rent. The only problem i have is the rest of the condo is in terrible condition and the price has pretty much dropped over 200k since 07. I have thought about purchasing more of the units and "cleaning" up a bit but am unsure about the occupied units. Has anyone had experience with a property like this? Should i just pass up on it or go for it. The price that its selling at would allow me to rent it at a low price and still Nike Air Max Thea 2
You want to find the board members and talk with them. This sounds like a disaster scenario. The financials can be complicated if you Nike Air Max Tavas White Mono
You have to make sure you don overpay for the reason and you are willing and capable to fix the problem to get the asset or complex performing again. All the issues noted above plus many more. VERY scary idea at the time. Still no financing. Still HOA in trouble, still some shootings. But the HOA is slowly getting things cleaned up. Gangs less of a problem with investor owners who pay attention to their tenants. Four years later nearly all of the 385 units have changed hands mainly through foreclosure. It a cash cow. My tenants are great. I wish I had bought ten more and retired.
For each non payer the rest have to pick up the slack. When properties are under water and the dues just keep increasing you have a potential mass exodus.
don understand financial statements. Look at receivables. Generally these are late and/ or unpaid dues and special assessments. If they are much over 10% (of total annual income) there are problems. Problems are common right now. We are at 14% and suffering.
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