Author Topic: Bought Another One At $36K  (Read 1886 times)

malacca

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Bought Another One At $36K
« on: October 02, 2014, 11:32:31 PM »
This building is a bit distressed as it was a condo conversion in 2004 so everyone overpaid and are underwater. Management is not that great so price was low.

We actually target properties with poor management and then try to affect change - and increase value.

Units in here sold for 120K in 2004 and $140K in 2006.

2 bed, 1 bath, 910 SF with heated parking. No other facilities.

It was an REO - so I paid cash. And I had to make the RE agent feel comfortable - so he would "pick me". I stated upfront that I have purchased dozens of REOs and know the process well. And I agreed to the "as is" condition in my offer.

So now I have a property that will bring me 10 to 12K net per year. Wahoooooo.


expatartist

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Re: Bought Another One At $36K
« Reply #1 on: October 03, 2014, 12:45:10 AM »
Congrats! Sounds like the right combination of experience, attitude, and cash.

thedayisbrave

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Re: Bought Another One At $36K
« Reply #2 on: October 03, 2014, 08:45:04 AM »
Awesome!!!!

jmoney

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Re: Bought Another One At $36K
« Reply #3 on: October 08, 2014, 11:21:35 AM »
What part of the Midwest are you in?

How have you been able to get the condo associations to fix their management issues? Sad it already fell apart after 9 years.