QUOTE (mvanlaar @ Sep 20 2008, 11:51 AM) Hi Don,
Thank you so much for your advice. Here is the conclusion to my persuit of these properties:
I was looking at buying 3 of the 4 units (the first had already been sold), but turned down buying into this project for these reasons:
[list type=decimal][*]The condo conversion is not finished. There is no board of directors, no bylaws, no reserve fund, but condo docs have been filed and there is a condo corporation.[*]Buying 3 units would have meant I would have essentially taken over the unfinished condo conversion project and have had the responsibility of it while paying a premium for the units. If there was a lot of cashflow it would be worth considering, but not when the units just break-even.I could have bought the REIN Condo Conversion package and got up to speed on what should have been done, but I haven`t dealt with Condos before at all so there would have been a lot to learn.Hey... I`m still a rookie. These would have been my 2nd, 3rd and 4th properties and I didn`t want to get bogged down with continual work (condo board) while still working 9-5 and living out of town.[/list type=decimal]Reason #2 is really why I didn`t proceed with this project. The other reasons were important, but were not show stoppers.
Bye for now,
Maurice
at the right price this MAY BE a great project to buy into .. it is not hard to finish a conversion .. and if you have financing lined up .. why not .. AT THE RIGHT PRICE !
Where is this project ? What is each unit selling for ? and what is the rough rent / month ? What type ? 2B ? 4 BR + yard ?