OfflineHi my name is Todd and I just moved to southern Texas. Yesterday I was looking for condos by the beach and a gentleman pulled up next to my car asking if I was looking to buy a condo. I told him yes and he asked if I wanted to buy the whole condo resort as he pointed behind me. I turned around and saw two buildings with about 12 units in each, right on the canal. The gentleman told me that his condos are always 100% occupied and there's a waiting list to get in. The more and more I started talking with the gentleman, come to find out that he got the resort in a divorce from his ex-wife (lucky him), and he's just tired of taking care of the property. I know for sure that I can't get a loan for the amount he probably wants so all I'm asking for is a "finders fee" of 3%. There are no condo resorts on either side of the property, just land. This place is a gold mind! I only wish I had the money to buy it.
Padre Island in Corpus Christi is on it's way to EXPLODE within the next year or two and they're already starting to build like crazy EVERYWHERE! I'm already in the middle of placing a contract on a condo right now. Hopefully there's more to come. You can contact me at caddyshack91@**** or call my cell @ 954-649-8999 for some more details. Thank you.
Welcome to the site.
Before anyone starts banging down your door, why don't you gather as much information as possible and post it on this thread that you have created. other investors would want to know the following:
-Total # of units (you said 24 total? 2 buildings of 12 each?)
-vacancy rate? you said this building is always 100%? is this full time residents? I doubt it being a beach community. weekly rentals? full time?
-bigger deals like this, an investor would want to know the cap rate and the ROI (if you don't know these calculations, refer to this site.
-total monthly in flow (total monthly rent)
-total monthly out flow (expenses including maitenance, insurance taxes, mortgage payment, property mgt fees if applicable etc...)
I know this sounds like a lot but noone will know how good a deal this is until you run the numbers.
good luck
This gentleman also sounds like he is a pretty motivated seller and wants to just get the properties off his hands. How about proposing to finance the property through him (owner financing) and take it over yourself. If you have read the book, you know how many creative way there are to finance a deal.
Hope this all helps and we are all eager to find out more about this. I used to live in Dallas and I know how popular Padre is with you Texans down there.
Nick
Nick Walters
Walters Property Investment Group, LLC
How much is he asking for, for both buildings?
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