Single Family Condo Flip

[Ken Nyczaj]

Did a recent flip near Annapolis Maryland and it was a single family condo. First time I've come across this type of property, didn't even know there were single family condo's, and it was the first time I've flipped a condo. Title company prepared me going in to read the Declarations with a fine tooth comb and to get to know the condo board before I closed on the property. Fortunately it was only 5 units in the condo complex and the President was pretty relaxed during the whole process even though we did want to change exterior appearance. The other homes had not been remolded for decades but we proposed doing a modern renovation and the board approved of it, started off shaky at first but as time went on I think they realized we were trying to help the neighborhood and build a beautiful home.

Definitely think talking to the board beforehand and getting to know people face to face helped a lot in this deal.

Here are the numbers:

$170,000 Purchase Price

$8,000 Closing Cost

$4,000 Holding Cost

$75,000 Renovation (new: roof, siding, windows, front porch, back deck, HVAC, floors, kitchen, two baths, trim, paint, doors)

$20,000 Selling Costs

$315,000 Sale Price

$38,000 profit.

Some pictures, more can be seen on my website: kenbuyshouses.net