Got a call back from Direct Mail. What next?

[Eric M.]

I received a call back from my direct mail. The property is "The Cotton Mill" condominium complex next to the WW II museum. It is not the property I mailed about and is my first time doing direct mail campaign. Property is not yet on the market. The sellers are asking $280k. They are selling because they live out of state. Not sure how to move forward. Any and all guidance appreciated.

[Mindy Jensen]

@Eric M. , do you want to own a condo? 

Condo's come with their own set of fun, in the form of the Association. Does the condo allow for rentals? Is there a cap on how many rentals the condo allows? Is it FHA-eligible? If not, you severely limit your buyers pool right there.

What do the Association's financials look like? When was the last time they had a special assessment? Do they have enough in reserves to pay for a major project? How old is the roof? What is the condition of the parking lot, boiler, tennis courts, pool, etc? 

A condo can be a great investment, but I've not had good personal experiences with them and do not pursue them.