Re: Condos - Posted by TomC (Md)
Posted by TomC (Md) on May 30, 2000 at 13:32:32:
I have a couple of rental condos in a really nice complex. Both have a small positive cash flow like yours, and I am looking for more.
I have seen very little appreciation, but I consider that a trade-off for the “hands off” aspect of ownership.
I joined the board of directors after buying the 1st one. Seems that very few people want to invest 3 hours a month in the association, so getting on the board was easy.
What’s nice about being on the board is that every month I get a copy of the collections report that shows me which unitowners are behind in their condo fee payments. Those are the ones I have pitched “subject to” with no $ down solutions to.
One of these owners did agree to sell to me for the amount they owed on their mortgage, but did not want to have the loan stay on their credit report. I bought that one with conventional NOO financing.
No takers yet with no $ down, but my presentation is getting refined - Bet I get 1 or 2 before the end of the year!