I am investigating getting into condo conversions in Florida. Does anyone have any experience with them and or opions that might assist in our decision to go forward? Not sure if timing is right with prices rapidly rising. Maybe flipping is best in this environment. Thanks in advance for any thoughts.
Got anymore details on this?
Can you tell us!!!
purchase price
appraised price now
estimated value when complete
how long till complete
I apparently will be getting this information in the next couple of weeks. However, I was asking because I have heard two extremes on the issue of condo conv. 1. They are a great opportunity and huge returns. 2 They stink! Ties up a lot of capital for little returns.
Do you have any experience w/ conversions?
Thanks
Call it strange I get the same two extremes on all real estate investments! I personally look at it like this as long as it makes common scence what else matters! So many people analyze a deal a little to much! I always tell people its like monopoly you don’t always win but you always can sell or trade property! AND SPEND O.P.M. if you can
Reo…
I have read a couple times you say. O.P.M… Are you meaning Bank Loans??? Just wondering…
Thanks
Jc
OPM = Other People’s Money…
This can mean bank loans, owner financing, Hard Money Lenders (HMLs), partners, relatives, etc…just not YOUR money…
Leverage, leverage, leverage…
Keith
That’s what I was thinking…
Thanks Keith…
Jc
going through one now with 4 units
costing me around 40k so far
all appartments were already more or less set up for conversion, but betweek architect, attorney, parking structure, water meters ets. it adds up
Does it still look like it is going to be profitable?
yes, definitely
since i bought the property last year it has already gone up about 100k as it it, so with the conversion it is still very propfitable
Moorhead
Of course you think Condo Conversions are the best investment because you sell them! It is like a Chevy Dealer saying chevys are the best.
You idiots can have your high prices apartments in the swamps…