JPiper Question - Posted by Stew (NE)

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.


JPiper Question - Posted by Stew (NE)

Posted by Stew (NE) on May 16, 2000 at 21:35:03:

  1. There is an apartment complex up the street from me, that converted their units to condo. They offered the apartments to the encumbents as condos and they all abandon ship. Now there are about 25 open condos. Talking to a RE Agent friend I found out that 1 sold.

  2. This has been a going on for about a year. The owners must be desperate. I know that there is an opportunity there but I don’t know how to get. Any ideas???

Thanks in advance