All Forum Posts by: Parth Patel

I appreciate you bringing them up, always better to have second eyes/brain to question everything. I was just asking as i am just trying to get as much knowledge as possible. Can't seem to find too much online.

I went through FL condo laws and regulations and picked up quite a but if useful information, next step is going to established local multi-family investors to see if this is even viable.

Thank you! If you're interestered I'll definitely come back here and post what i learn. Let me know! 

@Oren K.  Hope you're having a great day! 

Haven't experienced it yet but i've heard the most challenging deals are the best ones! That could just be my young and optimistic view of the world though, haha! 

Don't get me wrong though, I know if I decide to pursue this it will not be an easy road, I am willing to take on a little headache. I could be completely wrong about this but the units are all identical so I could just appraise one and offer the same amount to each owner (I'm aware some individuals will want more than others). If the owner thinks it is an unfair amount and wants another appraisal done they can pay out of pocket. From your experience is that realistic?

The 23 single unit owners are all mostly investors (Tax Records) and only 2-3 of them are homesteaded, per FL law I would have to give them their full buy price (which is far below market, but I would still be giving them market price ofcourse). 

I guess I don't have to de-convert, the idea came through researching online about how to buy a condo association. While reading the only thing all the articles talked about is converting condos back into apartments. Keeping it a condo is the ideal scenario for the exact reasons you laid out.  The only way this deal will be possible is if I can get in and change up a lot of the current situations. By that I mean I would have to pretty much change EVERYTHING. I assume this would only be possible if I owned the condo association or had majority hold in it. In FL the majority vote/ownership is 75-85%, I wish it was 50%!

 Based off the analysis I have done on the other apartments rents and class types it would most definitely be a great deal! The rents I am looking at is a minimum of $400/room for a 4/2 and 59 units. I am using the 1% rule for this because that's what I am used to using. Ideally I would also be able to use a Opportunity Fund as it is in a Opp. Zone in a city that is looking for investors. 

As far as it being predatory, I do not see it as that. These owners have knowingly let drugs and unsavory characters run rampant in this complex. There is student housing surrounding it and I see that as a threat to the student community. If the complex was to be cleaned up and turned into student housing I can comfortably say the community (students and families) would be appreciative and happy. That being said, I understand how it could come off predatory to some individuals, simply stating my opinion.

Do you have experience buying up units like these and turning them into apartment complexes or even getting majority share in condo associations? Any insight into buying multifamily is appreciated; that could be analysis, management, whatever you can throw at me!

Thank you for the help!

Hello MF Investors,

Thank you for reading this ridiculously long post and sharing your thoughts!

I have come across a condo association that is VERY rundown (drugs and homeless) and not doing well at all, interestingly it is surrounded by multiple apartment complexes geared towards students. These surrounding apartment complexes are relatively new and quite expensive.

I was wondering if anyone has experience in buying a condo association and turning it back into an apartment complex or even cleaning it up. I have not got in touch with any owners for buying purposes as of now, I might be overthinking it but I just want to have more knowledge before talking to them.

I have however set an appointment as a potential tenant to see what the units look like in reality, tour the whole thing and also talk to the management and get a feeler. If this deal seems feasible, I will then follow up with other apartment complexes to compare and see why they are priced so high and what I can do to make the value better on the subject property.

I do not have any experience in MF investing, I have bought individual condo units in different associations as rental properties, but that is the extent of my knowledge for Condominiums. I realize this is worlds apart from what I am talking about in this post, simply letting you know I have a bit of R.E experience.

Thru the basic research that I have done, there are 59 total units with the original buyer holding onto 13. It seems it was originally a apartment complex that was then turned into a condo association.

Current individual ownership stands at:

13- Original Buyer (Converter)

7- Single Investor

16- 7 owners who own multiple properties

23- 23 owners who own 1 each.

There are also 3 properties currently for sale.

I'm not sure if that is relevant at the moment, but put it up anyways as that is all the information I have so far. Apart from the pricing and dates sold info.

This ridiculously long post just for this - I'm trying to figure out the best step forward on crunching the numbers and seeing if there is actually any potential here.

Once again, thank you for taking the time to read through this and helping a budding MF investor! 

Hello MF Investors, 

Thank you for reading this ridiculously long post and sharing your thoughts!

   I have come across a condo association that is VERY rundown (drugs and homeless) and not doing well at all, interestingly it is surrounded by multiple apartment complexes geared towards students. These surrounding apartment complexes are relatively new and quite expensive.

I was wondering if anyone has experience in buying a condo association and turning it back into an apartment complex or even cleaning it up. I have not got in touch with any owners for buying purposes as of now, I might be overthinking it but I just want to have more knowledge before talking to them. 

 I have however set an appointment as a potential tenant to see what the units look like in reality, tour the whole thing and also talk to the management and get a feeler. If this deal seems feasible, I will then follow up with other apartment complexes to compare and see why they are priced so high and what I can do to make the value better on the subject property.

I do not have any experience in MF investing, I have bought individual condo units in different associations as rental properties, but that is the extent of my knowledge for Condominiums. I realize this is worlds apart from what I am talking about in this post, simply letting you know I have a bit of R.E experience. 

Thru the basic research that I have done, there are 59 total units with the original buyer holding onto 13. It seems it was originally a apartment complex that was then turned into a condo association. 

Current individual ownership stands at:

    13- Original Buyer (Converter) 

 7- Single Investor

16- 7 owners who own multiple properties

23- 23 owners who own 1 each. 

There are also 3 properties currently for sale.

I'm not sure if that is relevant at the moment, but put it up anyways as that is all the information I have so far. Apart from the pricing and dates sold info. 

This ridiculously long post just for this  - I'm trying to figure out the best step forward on crunching the numbers and seeing if there is actually any potential here. 

Once again, thank you for taking the time to read through this and helping a budding MF investor! 

@Lydia Ford

Thanks for the reply! So just do some research and pick the school I believe will help me prepare best for the exam is what you're saying. Do you have any recommendations as far brokerages and schools that I should look into? 

Hello BiggerPockets,

    I've decided to pursue getting my Real Estate License (Sales Associate) and was wondering where you as investors/realtors have decided to go for your pre-license requirements and what brought you to that decision. This might be a dumb question, but is there a ranking to schools as far as brokers are concerned? I am looking for online classes as I am a full time student and also interning with a RE company in my local area. 

     I feel like it is great way to get my foot in the door and would be beneficial in the short and long run. I have already sent out direct mail pieces and realized that the only way for me to monetize the majority of these deals is to either refer these leads to realtors or become a realtor myself. (There are numerous other benefits but am trying to keep this as short as possible, please feel free to mention some if you have the time.)

    The only con I have come across through reading is it that I would have to disclose every move I make if I am trying to wholesale the deal or have a "investor" stake in it (buy for myself, flip, sub 2). This whole sentence could be wrong, it's just what I have come across through research. 

    I have a ton more questions about the ins and outs of being a realtor and an investor but I am sure the majority of them will be either answered through your answers or starting the pre-license course. (I understand i'll be learning mostly regulations and such through the licensing course, nothing really beneficial as far as investment strategies go).

Hope everyone is having a great holiday season! 

Hello Everyone!  

 I was wondering how people are using the data on the Probate filings. I went to the courthouse for the first time today and spent a good bit going through the files and putting some of the names into the property appraisals website, however I was getting back random information. 

I was wondering if someone with experience could point me in the right direction. I have samples of what my counties probate records look like, would prefer to show them in private messages. (There must be some reason they were kept off the internet?) 

Thank You!

Hey Ian, 

    I hope to be back in Gainesville, FL by Wednesday and would be very interested in meeting up. By looking at your profile it seems to me both us are in somewhat the same stages of investing and it would be awesome to get to know other budding investors in the area. 

@Steve Jeffries 

That's interesting, how do you handle it with the other tenants? Do they not mind another person living there, paying less than they are even if it's just for a couch?

I don't think i'd be comfortable with a 1/1 as my first investment, haha. I think i'll stick to 3/3 or 4/4 for now. I've been looking around the University i'm trying to get the property at and there seem to be tons of Condo's much cheaper than SFH's, so I believe i'll be sticking to them.

Thank you guys for the help!

@Roy N. That makes sense. i was worried if i did end up buying a property I wouldn't be able to rent it out. Thanks for clearing it up. I'll be sure to keep the Feb/March thing in mind for next year.

@Steve Jeffries I think i'd prefer to start with a multi room investment first. 

Wait, so you not only rent out the 3 or 4 bedroom but also your living room..? I'm sorry if iv'e misunderstood it.

Im hoping to start leases like that starting next year, but for now i'm just going to end it on May 1st and start it most likely for August 1st.