I might have found a deal

[Guillermo Vladimir Robles]

I found a condo that has no HOA supposedly is being estimated at between $419k-$582k and is selling for $324k I was wondering what to say to the listing agent (whose realty company is listed but not her phone number) because I see this as a wholesale opportunity.

I bounced some ideas off the person I first go to when deals come up and he said that condos are a no go for him because someone he knows told him never invest in condos and also, he brought up the objection that if the building last sold a year ago for $325k and its being listed for $324k there must something wrong with it because the owners just want their money back.

Any advice would be welcomed in regard to this deal and/or advice on getting your first deal done.

Thanks. 

Have a wonderful day.

[Will Barnard]

Never heard of a condo without an HOA, they have shared public space, typically shared walls and/or shared roofs, etc. so it would require an HOA. As for pricing, as with any deal, you need to perform your due diligence on the specific property, community and area. I too skip over condos as dealing with the city is difficult enough, adding in an HOA and their management company adds yet another layer of possible hurdles and delays which negatively impacts profit margins. You also have to contend with (often times) tighter work spaces, lack of staging areas, neighbors with shared walls, etc. On top of that, in an uptick in the market, condos typically appreciate slower and in a downturn, faster than your single family homes adding yet another hurdle to profits. This is just my opinion and experience with condos which is why I avoid them personally as investments.