Rehabbing Multi's / Condo Conversion
I recently came across a family friend who after years in the corp world quit and decided to buy, rehab and convert multi's into condo's North of the Boston Area. On his first deal he netted approx 60k...and he has a couple other deals in the works that look to be highly profitable as well. Typically, he buys a multi in a great location for around 500k, fixes them up, condo-ize's them, and sells them for arrpox 300 each. I have the $ to get involved, and pretty good knowledge of the business for an outsider looking in.
The question I run thru my head over and over is - if it is this easy why doesn't everyone do this. The answer I continually come up with is - you need time, $$$, and the gonads to do it. Am I off- base? Feedback greatley appreciated.
szink
Not everybody has the $$$ or the time. I think what you will find is that you will have to work no matter what area of real estate you are doing.
Keep us posted on this, and how you are doing!!
Are u just looking to invest in the Boston area or are you considering other areas as well? Driving around I have spoted a few opportunities here in South Fla. Good luck in your search.
JR
time and $$$...I have way too much of both....just kidding. I really couldnt come up with any other reasons why more peole dont do this. Thanks joel.
I plan to purchase my first 2 fam (I have my eye on one already) w/in the next week. This will ulitimatley become my full time job. I am surprised there isn't more talk / forums specifically about condo-conversions??? unless Im missing a forum somewhere.
jrtechy, I'm logistically unable to work outside of the Boston Market at this point.
Does he then manage the condos after the sale, ie taking in condo fees for trash, common areas and repairs to the outside of the building?
I am looking at REI in MA too, but down towards Fall River and New Bedford. I figure there are some good deals to be had for single family rehabs and 3-4 family fix-n-rents. But your idea sounds equally interesting.
Do you belong to one of the local REI groups? Are they helpful? I'm new and could use the networking / sounding board advice specific to our area.
Cheers!