 Questionable Property (by samuel caceres [TX]) Oct 7, 2021 6:01 PM
 Questionable Property (by Jason [VA]) Oct 7, 2021 6:05 PM
Questionable Property (by Vee [OH]) Oct 7, 2021 6:06 PM
Questionable Property (by Richard [MI]) Oct 7, 2021 6:39 PM
Questionable Property (by plenty [MO]) Oct 7, 2021 6:43 PM
Questionable Property (by Deanna [TX]) Oct 7, 2021 6:58 PM
Questionable Property (by Frank [NJ]) Oct 7, 2021 9:19 PM
Questionable Property (by Sam [TX]) Oct 8, 2021 8:16 AM
Questionable Property (by Oregon Woodsmoke [ID]) Oct 8, 2021 10:33 AM
Questionable Property (by Landlord ofthe Flies [TX]) Oct 8, 2021 2:11 PM
Questionable Property (by Ray-N-Pa [PA]) Oct 10, 2021 6:40 PM
Questionable Property (by samuel caceres [TX]) Posted on: Oct 7, 2021 6:01 PM
Message:
I am in negotiations for a 1 bed/ 1 bath condo for 50,000. The unit itself is clean but the complex itself is rough and needs work. It is located in a descent side of town. The price is great I can not find anything move in ready for 50,000. I will make a 12 percent return on my investment. My concern is the complex and the type of tenant I will more than likely have to rent my unit. The numbers make sense but the complex and possible tenant might cause me some headaches. Should I move forward with the numbers looking descent and not worry about the complex and possible questionable tenant or let this deal go, any thoughts or advise would be appreciated. Thanks --75.87.xxx.xx |
Questionable Property (by Jason [VA]) Posted on: Oct 7, 2021 6:05 PM
Message:
It all depends on you and your tolerance level. Some people rent to the “types of tenants” you’re referring to and make good money doing it. Personally I prefer to have my properties run on autopilot without the headaches and drama that lower class tenants bring. --172.58.xxx.xx |
Questionable Property (by Vee [OH]) Posted on: Oct 7, 2021 6:06 PM
Message:
Anytime you have a -questionable tenant- keep shopping for better tenants, it takes time to find good ones and it is easier to have an empty than rebuild a bad tenant place. --76.188.xxx.xxx |
Questionable Property (by Richard [MI]) Posted on: Oct 7, 2021 6:39 PM
Message:
I'm a landlord that has mostly "C" units. My tenants are regular low end working people and retirees on social security.
So here is my opinion.
I'd pass on this one.
Reasoning for me:
1. Condo associations don't like low end tenants. They cause trouble.The last thing you would need is a condo association board all over you for whatever, issuing daily fines and hassles.
2. Unit needs work. Around here, trades workers charge a premium, like $65 to $100+ per hour if they are even half good and it's hard to get them to show up. Work needed often takes WEEKS to MONTHS longer to complete and that loses you money (not to mention the cost).
3. That 12 percent return may not be that much if there are delays or problems.
You should check with the condo and see if they even allow renters. Some do not.
I'd much prefer a single wide older mobile home on it's own lot on the edge of town or in the country. These are often less expensive than the condos.
--24.180.xx.xx |
Questionable Property (by plenty [MO]) Posted on: Oct 7, 2021 6:43 PM
Message:
Start asking quests about the condo association. All for financials and perhaps get on the board. Why is the complex in such need? Where is the money goin and for what? --172.58.xxx.xxx |
Questionable Property (by Deanna [TX]) Posted on: Oct 7, 2021 6:58 PM
Message:
Who do you want to do business with? Where do they want to live? Those are the houses you want to buy.
If a house attracts the wrong kind of person--- either too affluent for you to be able to keep up with their demands and expectations, or so risky that they pull you into their drama--- then it doesn't matter how good a deal you initially bought. All the savings will go towards ulcer medication while you deal with aliens from another planet. :)
I wouldn't personally invest in a condo, but that's mostly a control issue for me. I have enough potential problems from my tenants--- I don't want to deal with potential problems from the condo association on top of it all. --137.118.xx.xxx |
Questionable Property (by Frank [NJ]) Posted on: Oct 7, 2021 9:19 PM
Message:
You can fix the house but you can't fix the location.
What zre thd odds of the complex getting better or....getting worse. --174.206.xxx.xxx |
Questionable Property (by Sam [TX]) Posted on: Oct 8, 2021 8:16 AM
Message:
Thanks for everyone's time and suggestions. --172.56.x.xxx |
Questionable Property (by Oregon Woodsmoke [ID]) Posted on: Oct 8, 2021 10:33 AM
Message:
One of the problems with a condo is that you can not control the maintenance or condition of the building. --76.178.xxx.xxx |
Questionable Property (by Landlord ofthe Flies [TX]) Posted on: Oct 8, 2021 2:11 PM
Message:
I don't like HOAs, condo assns, or any entity that can increase my costs without my consent.
When the condo assn decides to fix up the place, you'll get slapped with a big assessment. Then it will no longer be the $50,000 bargain you were hoping for. --108.69.xxx.xxx |
Questionable Property (by Ray-N-Pa [PA]) Posted on: Oct 10, 2021 6:40 PM
Message:
The one thing an investor can never change on a property is the location --24.101.xxx.xxx |
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