OfflineI have found two condo units at a very popular beach. One is advertised for $169,000 and the other $125,000. They have a FMV of around $172,000 and $160,000. My question is how much do you think that I should offer for them? The net income that each earns is around $20,000 per yr. Both are 1 BR/2Ba and around 700 sq ft. Thanks very much for any help you experienced investors can give me.
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Thanks for sharing this potential deal with us. You may want to get comps for what has sold in the past 3-6 months in the area. This may give you some additiona linformation to base a decision on your offer. Also, what do you desire to do with the units such as assign the deal, flip or keep and rent them. You can then look at the expenses and run the numbers to help you in determining a psotive cash flow deal. Good luck with these condos. Believe and Achieve!
- Joe
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Well, I would like to keep them since the net income is $20,000 each. However, I am definitely not opposed to flipping very quickly for a nice profit. What do you suggest I do for financing? I have no money to put down. Can you get a loan for full price nowadays? Will the bank that currently owns them give a loan for purchase price. I know you cant say for sure what a bank will do, but in your dealings with banks, what do you think?
What about the association fee, etc. Will the $20,000 give you a positive cash flow every month. Something to think about.
Sandra
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Hi Brian,
Exactly my thoughts. What are you intentions? Are you looking to hold the property? I would put a much lower offer in because it is better to price up than down. Continued sucess..........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"
Hi Brian,
Exactly my thoughts. What are you intentions? Are you looking to hold the property? I would put a much lower offer in because it is better to price up than down. Continued sucess..........Lubertha
"GOD IS STILL IN CHARGE, HE IS THE AIR WE BREATHE"