Quote from @Isaiah Foster:
I have the opportunity to purchase two condo units within a complex. Has anyone done the same before? Whats the best route on these?
Reason I am interested in this is because it is on a college campus and can be leased to college students. I can get a 3 bedroom unit for$75k and a 4 bedroom unit for $80k. The 3 bedroom unit can be leased out for approximately $1600/mo and the 4 bedroom can be leased for about $1750/mo. Almost seems stupid not to buy the units.
Are there any hard money lenders that would help finance this? Ultimate goal is to renovate them and then lease for even more.
Sounds like a great deal! My experience with condos is always check the HOA and see if it has any pending or current lawsuits, how maintained is the property, and if one family or company owns a majority of the units and is in control of the HOA. If a large majority of the units are owned by a one person or company it can possibly be a red flag. If they default on the units or not pay the HOA then it can be trouble for the complex.
Otherwise your cash flow sounds amazing on this deal! Good luck and keep us posted!