Condo Rehabbing
Any of you done any condo rehabbing? I have never done this, but am looking into it, since the one thing we don't have a shortage of out here is motivated condo sellers. If I could buy them cheap enough, rehab and then refinance and rent out I think I would get into it.
However, rehabbing a condo can be very different then a single family home, with neighbors on all sides, noise issues, you just can't back up a pick up truck full of new stuff to the front door in most cases. Doing a complete tear out of a kitchen including old tile floor? - can't imagine running a wheel barrel down the main hallways and down three flights of stairs.
Anybody actually done or doing condo rehabs and what can you tell me?
You're kidding me right? Nobody gets involved with condo or townhome rehabs? Everybody is only doing single family homes?
Not the expert at condos but have been through a few. First thing of interest would be the by laws that reference construction, ect.. be ready to have the local board members watching if you bought at the sale. Also in Florida if you purchase at the sale coa liens are not foreclosed. Hope this helps, and yes full renovations are done all the time and you will be watched from start to finish.
Did it in the past. Great thing about Condos is the reliability of comps. Don't like the condo commandos tho.
Nosey neighbors are a great source of info on condos.
I was buying condos in 80's when snowbirds let their association fees lapse.Here is Florida they can trigger foreclosure.
Gregg
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Gregg Fous
Investor/Developer
"Under-promise and over-deliver"[ Edited by GFous on Date 01/03/2004 ]
Opps poor choice of words on my part.You can and will lose your condo in Floida for not paying coa fee's.What I meant was they are not wiped out at the sale.[ Edited by rickomarsh on Date 12/29/2003 ]