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Buying Condos

For condos, a majority of the time you’re buying in an area close to entertainment, parks, schools, or big companies. Finding tenants is easier since you’re location is has a number of conveniences. Also, for condos, the HOA fees pay for the upkeep of the common areas, unlike when owning an apartment complex, where you must maintain these areas and pay for any repairs.

Do You Have a Reservation? Many times there are opportunities to purchase reservations on condos or duplexes before they’ve received final approval from the local government or simply when a property has a high demand. Often, these reservations can be re-sold, you don’t even have to rent or buy the property, and you’re simply selling the reservation. In places like New Yorker or San Francisco, a new development has a built in high demand just because space is at a premium. Keep an eye for these types of opportunities to buy and sell reservations.

Condo Conversions

Research the area you’re buying in. Do they allow for condo conversions? An apartment complex that can be converted is much more valuable than one that can’t be converted. Is there a demand for condos, lack of opportunities to buy property, prohibitively expensive in the area but there are a lot of young professionals in the area with buying power.  Larger cities and in the downtown are often attractive places for condo owners.

Check with your state and county departments to see if condo conversions are a possibility.

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