55+ Condo in West Palm Beach / South Florida

[Martha Blumel]

Hi all!

I received a call from someone who needs to sell a family member's condo. It has gone through probate and they are motivated. My concern is that it's a 55+ which will narrow the buying pool.  Not sure there is much ability to wholesale, but I could be wrong. I'm also considering a fix and flip myself, but I have to run the numbers this evening. It looks like they sell $45-$55k at most.  This one is in good shape and from what she told me will need minimal work. I still have to confirm though.

• With the snowbirds leaving and the market ever changing, what is your feelings on this type of deal?

• What is local investors' interest in flipping condos? (trying to gauge interest)

• What ROI/profit would you need from a condo?

• Is there anything in particular that I should be aware of about probate?

• Anything else?

Thanks for any feedback you can give me!

Martha

[Mitchell Jaworski]

@Martha Blumel - Best advice, do your research. Just like with your SFR I'm sure the numbers and data always push you toward a decision. I actually wish I was in your boat and had SFR, it's just a preference, but condos and townhomes have worked for me thus far.

Most important thing to me is the numbers, regardless of the property type.

I recently listed to a random real estate podcast and all the guest had was 55+ rentals in south florida and I think he was in his 30's.   From what I heard in that renting them seems to be an easier avenue toward profit then flipping them.