Posted by JPiper on May 16, 2000 at 21:53:33:
If your facts are correct (that only one has sold), it sure seems like these owners would be motivated. Unforutnately, you won’t know that until you give them a call, mention that you might be interested in the property, and discuss what they might like to do.
I suppose it goes without saying that sometimes condos are tough to move…especially in a midwestern market. And it appears on the surface that this is the case here. You would either need to provide pricing and terms that would move these, or develop a plan to rent them.
Either way, the approach starts with a call to the owner. A fact finding mission. A good study of the market area in the vicinity of the property. And a careful look at condo sales in general, and rental properties/rents, etc.
Once you’ve done the above, I think you’ll have a better feel for this project, and whether it is truly a deal. Again, keep in mind that the owner is having difficulty moving them…so you’re going to need a plan that he currently isn’t trying.
Check it out…and keep us posted.