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I have a property that i am trying to sell. The only problem with it is that it is a condo, and the association fees of $120 per month runs off most investors looking for positive cash flow. It is in a good neighborhood that is mostly filled with owner occupants. Are there many investors that focus mainly on long term appreciation rather than cash flow? Any suggestions on how i can sell it? It is tenant occupied for at least 8 more months to a good tenant.
Need more details, like what you are asking, what the current rent is, what the current note is at and what it will appraise for to offer any real suggestions, but......
Can you due any owner financing? What about financing their down payment? Could you do a L/O?
Best I can do w/ info given.
The rent is $825 per month, which is a little low for teh neighborhood. Units in teh development sell for $101,000-$107,000. I should appraise for around $103,000 i believe. I would like to sell for $99,000, but will give the buyer $4,000 cash at closing if they offer $103,000. I am not willing to owner finance.
Why don't you offer 5% owner financing at 105,000 and you pay closing costs of 3% instead of the cash at close. This way you can market it as a Zero down property and you get a nice little cash flow of the 5%. In essence, you are financing their down payment.