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Updated over 9 years ago on . Most recent reply

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Siraj Ahmed
  • Investor
  • Morton Grove, IL
5
Votes |
44
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Deal or no deal? Buy and hold condos

Siraj Ahmed
  • Investor
  • Morton Grove, IL
Posted

Would you buy a package of condos together without physically viewing  ALL of the units? the seller/PM does not want to show all of them and instead said they would show me 3-4 out of the 10. 

A little background on this...he has sent me all the rent rolls, leases and addresses. All the apartments are rented out. 

Should I be comfortable purchasing ALL the units if I am not able to see them? What would your counter be to someone who says I can only show 3-4?

Most Popular Reply

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Andrew Syrios
  • Residential Real Estate Investor
  • Kansas City, MO
4,931
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Andrew Syrios
  • Residential Real Estate Investor
  • Kansas City, MO
ModeratorReplied

I would be fine getting them under contract will only having seen a couple, but I would definitely want to walk every unit before purchasing. If not, I would demand a substantial discount because you have to assume the units that weren't viewed are in worse shape (I've done this before on a package of houses, one of the things I did was ask to select which houses we viewed, thereby making it random and more likely to be a representative sample than if the seller had picked).

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