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昨天到了华州一个城市看房子。看了两个building.其中一个太旧，另一个还可以，但也不新。
城市在太平洋岸边，有一个海湾，地势为丘陵，所以很多房子有海景。市容一般，但waterfront的房价也已经超过50万。人口七万，绝大多数是白人。有一大学。
Building: two buildings, total 11 uints. One building has seven units, the other has 4 units. There are 10 one bedroom units, one two bedroom unit. Rent is $550 for one bedroom, $720 for two bedroom. One bedroom unit is 600 sqft, two 850 sqft.
Total rent: $72,390/year
Total expenses: $16,300/year
Asking Price: $890,000
That comes to an asking price of $80,000.
The least expensive one bedroom condo in town is listed at $105,000.
Questions to be Answered:
1) Can it be condonminimized? Need to talk to city hall about this. Need to find a lawyer who has done this.
2) How much downpayment is required?
3) What has ben condo market been in the past several years? What is it now?
4) There is monthly cash negative flow, so reserve fund needs to be setup to feed this monster. How much can I feed this?
5) Initial calculation indicates $350K is needed to complete this project. Where do I find the money?
6) What kind of profit can be expected?
7) Time frame. How long does it take to be condonminimized? How long does it take to sell?
8) Etc, etc.
Don't tell me be afraid, because I AM.
--------------------------------------
The town is not cheap anymore. The waterfront properties are more than $550K, and luxury new condos are going for $1M.
There are a lot of work needed to be done. One of them is to actually go into the condos on the market to get a feel of how much these units can sell. Also, the cost of converting can be as high as $5,000 per unit(city fee + lawyer fee).
If you can purchase it at 85% of asking price, the each unit is $69K. Consider closing costs, stratifying costs, and selling costs, if you can control the total costs of unit to be $80K, and the current market price is $105K, then you are in business.
What can break this is how long does it take to divide them up, so the lawyer's work is critical.
Onother factor, is, of course, how long does it take to sell.
城市在太平洋岸边，有一个海湾，地势为丘陵，所以很多房子有海景。市容一般，但waterfront的房价也已经超过50万。人口七万，绝大多数是白人。有一大学。
Building: two buildings, total 11 uints. One building has seven units, the other has 4 units. There are 10 one bedroom units, one two bedroom unit. Rent is $550 for one bedroom, $720 for two bedroom. One bedroom unit is 600 sqft, two 850 sqft.
Total rent: $72,390/year
Total expenses: $16,300/year
Asking Price: $890,000
That comes to an asking price of $80,000.
The least expensive one bedroom condo in town is listed at $105,000.
Questions to be Answered:
1) Can it be condonminimized? Need to talk to city hall about this. Need to find a lawyer who has done this.
2) How much downpayment is required?
3) What has ben condo market been in the past several years? What is it now?
4) There is monthly cash negative flow, so reserve fund needs to be setup to feed this monster. How much can I feed this?
5) Initial calculation indicates $350K is needed to complete this project. Where do I find the money?
6) What kind of profit can be expected?
7) Time frame. How long does it take to be condonminimized? How long does it take to sell?
8) Etc, etc.
Don't tell me be afraid, because I AM.
--------------------------------------
The town is not cheap anymore. The waterfront properties are more than $550K, and luxury new condos are going for $1M.
There are a lot of work needed to be done. One of them is to actually go into the condos on the market to get a feel of how much these units can sell. Also, the cost of converting can be as high as $5,000 per unit(city fee + lawyer fee).
If you can purchase it at 85% of asking price, the each unit is $69K. Consider closing costs, stratifying costs, and selling costs, if you can control the total costs of unit to be $80K, and the current market price is $105K, then you are in business.
What can break this is how long does it take to divide them up, so the lawyer's work is critical.
Onother factor, is, of course, how long does it take to sell.
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