pre const. or condo conv.

General Real Estate Investing
1

Hi,
anyone here ever deal in preconstruction or condo conversions and have any success?

trwilliams

2

Florida has had a huge boom in conversion projects and i have seen my best returns with these. Do your due diligence though, determining the type of conversion (slapping new paint onm the walls and throwing some lonoliam on the floor does not constitute a conversion to me :)) Also look at what additions are being made to the existing such as ammenities (a club house does not cut it in the FL market). I have found an investor friendly developer, that is offering 24 month leasebacks on conversion projects and 12 month on preconstrucion (pre- if a buyer is not found by time the closing takes place). Have not found anything better than this, but if you have something shoot it my way.

best,
CB

3

hey you guys and gals,

what books are you guys reading to gain this kind of information?

Thanks.

4

No books, just common sence and getting out there and doing it.

5

Good advice for all newer investors!

Sometimes you can’t learn it by reading a book, listening to a guru, cruising the internet, or building lists/spreadsheets…sometimes you actually have to go out and talk to people or pick up the phone and call the county courthouse! Sometimes you have to goo look and then “noodle” through it! Sometimes it involves getting involved!

Keith

6
I have found an investor friendly developer, that is offering 24 month leasebacks on conversion projects

I bought a condo with 24 month leaseback and all taxes and maintenance paid for two years also. The same developer is doing another project in Orlando only not with the leaseback program this time around. He is offering 2 years taxes and maintenance with a 2% kickback of the purchase price at closing.

I am currently buying land. Mainly in the Panama City/Sunny Hills area. We have ties with a pre-fab builder and can build on our lots for almost a third of the cost of a conventional builder.

To the OP, I much prefer condo conversions over pre-construction. I am seeing too many pre-con projects not getting off the ground. Just seems much more risky to me at this point.

7
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Hi I live in Florida and I would love to get the name of that
builder you are talking about are they in South Florida