All Forum Posts by: Account Closed

Dawn,

Maybe you should set up a post giving a day by day account of the property then maybe a month by month. It appears you are a seasoned veteran and I believe this surely would help many....... Congrats and best of luck

Andrew S.:My significant other owns several "niche construction service" businesses and he markets the Associations of Condo and Town-home developments and makes a fortune from them as a contractor that does great work at a fair price. He never is the cheapest but never overpriced. Many of these owners that eventually leave the condo for SFH ownership have him follow them to do repairs at there now new home.

Chris C. I watch the condo and T-Home market closely. They tell a lot about neighborhoods and the R/E market in general. Again like you I hit big in the flip condo market many years ago before the first tank BY LUCK! Now I am very cognoscente of it and again flip them only on great deals. FTR Central Jersey REI pay close attention to the condo/t-home and senior development markets there might be some corrections coming so again only invest in properties with good spreads and a strong property mgmt team. But again I might suggest flips be careful of the Holds.. Just my opinion

Hi all,

Well here goes again... I am human... Every so many years I start to look at Townhomes in my area and the prices are perfect and the numbers for 3Br 2Ba are on target for awesome cash flow. THEN I see the HOA fees... "GULP" WHAT! HOW MUCH? I am not sure whom is running the organizations but I can't find "managed" properties that the numbers come even close to single families I manage. Oh, and by the way my properties are better landscaped, in safer areas and I provide more regular maintenance then these Condo and Townhome associations and I control the costs for the betterment of the the property as that will make my tenants happy then maintain cash flow/appreciation. WAIT! Then there are the "special assessments" Mold issues, Roof issues, Parking lot issues, Damn Issues, oh and my favorite EMBEZZLEMENT issues (google "Toms River NJ Saratoga Development $400,000 embezzlement" where the property manager killed himself after being caught steeling) Now the owners have to pay an additional $75 a month for ? years on top of there already high fees for no services except a cracked pool & to rebuild the reserve fund account . I might flip a townhome or condo if I get a great deal (and i mean great deal) but hold them NO WAY! Your thoughts and experiences would be appreciated..

I thought this was the ending of the Will Barnard thread/post that is 14 pages long about a deal gone bad......

Ikes... This is a forum of posts that has just gone wrong IMHO. Please if you have termites do all us REI-rs a favor and call a licensed professional and or make sure you read all pesticide labels before you attempt this. Again just my opinion....

Francis,

Please get inside and make a full eval. on Renovations/Updating. Then re-run the numbers. This is your first investment I believe so touch the water with your toe b-4 your jump. I do agree the 2% is a tough number to hit in NJ but I will suggest that they do happen and you just have to be prepared, ready and patient. IMHO defense is the best offense so make sure you give yourself cushions on all the numbers. Best of luck and keep us informed.

Visal,

Glad to see u r jumping in. That said I agree with Aaron on the HOA's. One of the reasons I do not hold long Townhomes and properties with HOA's is that I cannot "control" them. I have seen the craziest of things when it comes to HOA's so be careful. If you do a lease option make sure the prospective purchaser is responsible for the HOA & any special assessment that might crop up down the road. Best of luck and keep us informed. "G"

Not a Realtor.. I have a "Real" job besides R/E. lol Property psychology is just a hobby that I enjoy.....

@Bill Gulley

Thanks

Both with the same % of available equity. Both properties appraised at 265,000... Both have mortgages of 120,000 Rental gives me after all expenses 900.00 month. Funds to be used for flips I am looking at.