All Forum Posts by: Account Closed

So i came across a bank owned property in in an exclusive country club. There seems like there could be a way to make money on this and not sure if it's justified. So I humbly seek your opinions, and advice as I am new to this.

So here is what i know.

There is a $90k equity buy in for the club, of which 80% is refunded after you sell to a new buyer. There is also HOA which is only $300/mo, but ana dditional annual club fee of $28k

Luxurious 6 bedroom / 5.5 bathroom single family house 5100sq ft. on a Par-72 18-hole gold club.

an open and spacious two-story floor-plan with lots of natural light, marble flooring through, tons of upgrades including a chef's kitchen with granite counter tops and stainless steel appliances, huge custom walk in closets, two master bathrooms, tropical pool and spa and gorgeous lake views!

state-of-the-art fitness center, aquatic center and spa, newly renovated clubhouse, tennis courts and a modern and safe play-ground for children. **MANDATORY MEMBERSHIP REQUIRED**

I think the $499 can be negotiated down a bit, as other distressed homes in this club have sold for a bit less, but those had only 3 or 4 bedrooms.

As for comps, there is only one other home for sale on the same street a few houses down, 3 Bedroom, 4 bathroom asking price is 1.975Mil.

The home needs nothing, and in a good market i believe worth more than 1.975 Mil due to it's exclusivity and location.

My issue is it may take several years, or more for the markets to get back to that level. My thought is even if i scoop it up at $499, and pay the annual 28K in fees, in a few years, or more I am likely to gain significant appreciation. And if not, I have a huge home to live in a ridiculously low entrance cost.

So, I was thinking of either buying this and holding it while also making it my main residence holding for a later sale, or maybe partnering with someone for a long term investment.

Maybe something like Investor buys the house in cash, and I pay the $90K in club fees, and the annual costs. HOA, $3,850, Club Fees $28k, and taxes of $7,800

Any thoughts or input is greatly appreciated.

Hey Guys, Im new here and found this post interesting. I was curious what number you guys think this would make sense for her to move forward with this deal?

I think some additional info might help @Brittney_Lynn a bit more than just saying this is not a good deal. ( although I appreciate any and all help as a newbie myself )

I think if you guys can say, well for me this isn't a good deal at this price, but if you can buy it for $$$, then it might make sense.

Maybe then expand a little and show why it might make sense at that lower price, and maybe she can then re-think it, or try to negotiate some more.?

Or maybe even give an example of how much per door you would need as a minimum to consider a deal. Also keep in mind, this is not only an investment property for her, but that she will also be living there contributing to the monthly payments.