All Forum Posts by: Kevin Barrett

Thanks guys. I am selling these as new construction condos. 

For any condo complex (say 30+ units) what is the difference in price for each of the condos in relation to where they are located within the condo building? I.e. Are units facing street and corner units worth more money? Obviously penthouse units are worth more, but how much more money, etc?

I am trying to price condos for a 32 unit condo complex that is being built in Wakefield, MA. Average condo price will probably be $400,000.

Is it true if a condo complex is primarily owned by one person that a portfolio loan is required? Listing agent said that the complex is 40%+ owned by the commercial unit on the first floor. Does this mean my buyer is required to use a portfolio loan to purchase a condo unit?

I may be missing an important piece of information here.

@Chris L. Thanks for the clarification! The buy & hold vs fix/flip arguments are more clear to me. 

@Mike H.  after reviewing the comps if you put $30K into it, which is probably close to what it needs, then you could probably sell it for $180,000. Even at $180,000 it would still be the lowest priced sale in the town this year. 

@Chris L. I bought it thinking I had a couple options. I am going to live in it for a few years, but then I could fix and sell or I could rent it long term for cash flow and appreciation. Either way I'm confident it is profitable.   

Rent would be $1100. Mortgage, taxes, and insurance equal the rent. Going to eventually manage by myself. According to your criteria this supports my thinking that this is a long term play.

Bought the most inexpensive Single Fam in my area. Literally, the cheapest SF in this particular section of Mass! Purchased a 2 bedroom home (600+ sq ft) for less than $100,000 in a nice town. Interest rate is 4% for 10 years which means the mortgage and taxes will be ~$1,100. 

Will rehab (needs new stairs, interior cosmetics, landscaping, etc) and then live in for a couple years and then most likely make it a rental property (could probably cover the mortgage and taxes if rented now). Need to look at rehab costs more closely, but it definitely needs a fair amount of work.

What data can I analyze to further validate that this is a good deal? I'd be happy to share the address. 

Agree with @Thomas Weir. In addition, if you get a counter, but you're offer isn't close to the sellers you could wait it out and then put in another offer as psychology always changes everyday. Keep repeating these steps and maybe you'll get yourself a good deal!

Are there restrictions on selling a home within a certain amount of time after buying it as a short sale? I'm working with an investor would like to not be hold a property for long.

Thanks,

Kevin

A property had a title V inspection done 11 years ago and the reasons it resulted in a "conditionally passes" are:

• replace D-box with new jet lines after installation 
• remove humidifier from drawing

How substantial is this?

Also, I see that the "approx age of all components" is 1972….Does this mean it will definitely need to be replaced now?

Is it throwing away money doing a title v inspection or can the issues above be fixed and the septic be fine for the foreseeable future?

Any more info needed to make a judgement on this? Are there any programs for title v installation?