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Updated about 2 months ago, 09/25/2024

User Stats

35
Posts
22
Votes
Butch Greene
  • Fletcher, NC
22
Votes |
35
Posts

7-8 unit, single building condo complex - Seller owns all units. Seller Finance.

Butch Greene
  • Fletcher, NC
Posted

Rented a condo on a trip. Aged, cobwebs throughout. Outdated units. All their AirBNB reviews are similar.  Asked the owner if he'd sell & he immediately said he'd consider owner financing.  I have a friend who buys townhomes, not condos who is my only potential buyer. He's not interested in condos.
All units in the building are owned by the same party. I pull up all units tax links on GIS, but no data attached.
 
What are the hurdles to locating a buyer?
Don't know enough to price/comp it out. Don't want to say too much with getting it under some contract or protecting my right to a finder's fee.   Still haven't "done my first deal".

User Stats

3,771
Posts
5,431
Votes
Greg Scott
Pro Member
#4 Off Topic Contributor
  • Rental Property Investor
  • SE Michigan
5,431
Votes |
3,771
Posts
Greg Scott
Pro Member
#4 Off Topic Contributor
  • Rental Property Investor
  • SE Michigan
Replied

I would never want a condo as a rental.  There are a lot of reasons that is a bad idea.

On the other hand, if you could buy the entire condo and turn it into a small apartment, there may be an opportunity.  Not enough data to tell.

  • Greg Scott
  • User Stats

    35
    Posts
    22
    Votes
    Butch Greene
    • Fletcher, NC
    22
    Votes |
    35
    Posts
    Butch Greene
    • Fletcher, NC
    Replied
    Quote from @Greg Scott:

    I would never want a condo as a rental.  There are a lot of reasons that is a bad idea.

    On the other hand, if you could buy the entire condo and turn it into a small apartment, there may be an opportunity.  Not enough data to tell.


    Got more detail. The party own the entire building and all units. He doesn't even know why his attorney structured it in that manner. He's is the only member of the HOA.

    Two units are being rented out as regular annual rentals.
    Rest are medium term rentals (90 day) for a local hospital.

    Sp would that mean you can turn it into an apartment building?  
    Layout reminds me of small time share condos but the other condo complex next door does not resemble this one at all.

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