Condo Conversions

Comments(8)

• 
  hinestro14th March, 2005

  Hi,
  
  I live in florida and am looking to invest in some condo conversions. Are you aware of any new conversions coming up. I know that you can make $$ with them if they are in the right lcoation. You can also rent out for a little while and then flip. I know of a project in Delray which is east of 95 that might be a great deal. Let me know if you would like to discuss in greater detail?

• 
  ryand14th March, 2005

  Does the developer of condos always have to be involved? Who do you pay condo fees to and who takes care of that portion of them?

• 
  tsch4297114th March, 2005

  I know of about 7 thru the tri-county area. which area are you interested in?

• 
  hinestro14th March, 2005

  I know of one in Delray beach but am really interested in any in Boynton Beach or a bit more north. I know there are some in Miami but I am not interested there right now. I think that there is way to much development in that area right now? Have you been investing at all in pre-contructions. i was about to sign a pre-contruction deal in miami that would be complete in 2007 but I backed out because I was not planning on closing and I am concerned about overdevelopment and too many investors buying and not enough end users. Do you have any exp in pre-constructions?

• 
  tsch4297114th March, 2005

  Please email me at **Please See My Profile** and we can switch note i know of a conversion in boynton and west palm (2) going this week..

• 
  MiamiG8tr15th March, 2005

  I just purchased a condo conversion in N. Bay Village. Be careful some conversion have restrictive convenants on selling. Example, the condo I bought requires that the developer has right of buy-back if i were to sell within 1 yr at 6% more than my purchase price, or MV...whichever is less.
  
  I am now looking for other properties further North (prices too expensive down in Miami). Could you guys email any info?
  
  I was planning to start looking into the Boyton area

• 
  ryand14th March, 2005

  Here is the thing. I can tell you this because i was in your position about 6 months ago asking the same question.
  
  This is not something you need to worry about right now. I was told the same thing and hated it, but fact is, is that its true. You are overthinking the process. Here in CT we use attorneys to do closings. You may have title companies but it doesnt matter.
  
  Basically you get your Attorney/Title co. lined up. You have to make sure they are familiar with what you are doing and that they will be able to do it.
  
  When i did a double close i was really suprised how eay and simple it was. A lot of people talk about different times and rooms etc. Non of those things happened. People get all worried about what closing comes first and second etc. This is the smallest possible concern. When it actually happens there are all parties sitting at a table and the deeds get shuffled and signed... no order.. just as long as they get signed. that is what matters. It is not as complicated as people think. stop worrying and go get some deals.
  
  good luck to you,
  Ryan

• 
  ryand15th March, 2005

  I would not be where i am without it