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Updated over 8 years ago,
3 Units, 1 desperate Seller, more than 20k in HOA and taxes
Hi everyone, I am new in the BP page, I am trying to get into the real estate world and I have this family member that has this little problem.
Here is the Scenario:
3 units: a)1/1 with renewed kitchen and bathroom.
b) 1/1 needs a rehab about 10k to 15k approx.
c) 2/2 needs Conditioning.
Problems: HOA is behind about 20k or more between the 3 of them.
Taxes are behind about 3-4 years.
The comparables in the area for similar units are for the 1/1 between 60 to 70k and for the 2/2 about 75 to 85k
The 3 units are paid in full, there are no liens on the properites.
I would like to help him get out of the properties and also probably buy the units myself, he does not know anything about real estate and I can probably help him do it, and also benefit on the fact that I can get these 3 units or probably wholesale them.
HOA I think is expensive is 300 for the 1/1 and 400 for the 2/2, rents are going for about $900 for the 1/1 and $1200 for the 2/2, so Probably holding and renting is not an option? I don't know..
Please can I get some advice?
Thanks everyone.