I am planning on buying the office condo out of state. I live in new jersey. I tried to find something here but no luck as I had following issues.
Prices are very high.
If the condo is vacant it is very difficult to hold as property taxes are very high and most of the condos have high association fees.
Even with 15-20% down it is difficult to get the positive cash flow.
I am thinking of buying something in atlanta and rent it out preferably NNN. I was wondering what is the best way to do it. Idealy I would like to look at the propery on the loopnet.com and get somebody (broker etc) to do the ground work i.e. how good is the area, comp sales, average rental etc. I do not mind travelling once I am confident that number looks good and area is good to check it out myself and start the buying process.
Is it a crazy idea. If not how I go about doing it.
I’ve been reading your posts. Why, out of idle curiosity, an “office condo” rather than, say, a small office building? If you own a condo, there is a mortgage, taxes, insurance, and a condo fee. To me a condo fee is like MIP – just set fire to your money, it’s quicker and the results are generally the same. With a building, no condo fee. Around here, I’ve seen several office type buildings for sale, several with tenats already in them…
I am looking for office condo as I want something which requires the minimum supervision. I am starting out and does not have any experience. It also requires less capital than the building. You are right about the condo fees some places have it very high.
The right way to go about this is to find a competent sales broker. The right broker should have access to listings and be able to get you exactly what you need.