are 1 bedroom condos worth buying? real estate people inside

[g$$$]

really that difficult to re-sell?

how about as a rental property? any real estate people in here?

[k0nr4d]

Last year i bought a 1 bedroom for 80k, sold it about 8 months later for 132k. Asking price was 127k.

However, im in the vancouver area with the olympics coming so i guess it really depends on the location.

[g$$$]

thats pretty good..was it close to a nice downtown? how long did it take to sell? like how many days on the market? thats pretty good appreciation...how about hoas? just curious. 80k is cheap as hell...was it a mobile home lol

[After Shock Media]

rentals yes.

[Pornwolf]

It all depends on the location. No matter what city it's still just as good of an investment as if you bought a house.

[abcx]

Originally Posted by g$$$

really that difficult to re-sell?

how about as a rental property? any real estate people in here?

as a licensed mortgage broker in chicago Id say that it depends completely on location and timing

[g$$$]

what u guys think about redfin versus an agent? they supposedly offer 2/3 of ur commission back...

www.redfin.com

[g$$$]

also..do u normally bid at asking, higher or below? i would think asking normally wouldnt close the deal..need to bid slightly higher...esp. if there are multiple bids..but i could be wrong

[StarkReality]

It's about 3 things: Location, location and location.

[pocketkangaroo]

It really depends on the location and a bunch of other stuff. If it's all you can afford, you're getting a good price, then I say go for it. I think they're harder to flip, but they make real nice rentals if it's in the right area.

[g$$$]

Originally Posted by pocketkangaroo

It really depends on the location and a bunch of other stuff. If it's all you can afford, you're getting a good price, then I say go for it. I think they're harder to flip, but they make real nice rentals if it's in the right area.

hows the housing market in chi town??

[k0nr4d]

Originally Posted by g$$$

thats pretty good..was it close to a nice downtown? how long did it take to sell? like how many days on the market? thats pretty good appreciation...how about hoas? just curious. 80k is cheap as hell...was it a mobile home lol

suburb, 20 mins from downtown. It was jsut ar egular apartment building. Not in a highrise it was one of those gay 4-5 floor wooden apartment buildings.

It took no time at all. We first put it out at 123k, got a guy almost immediately and we agreed on 122 then he couldn't get financing. Then we put it back out for 127, two people jumped on it immediately and were basically fighting over it until i sold it for above asking price to one of them. Both offered above asking price.

The place was pretty shit when I got it. I repainted, changed all the carpets, installed countertops and put ceramic tiles in. My dad did the tile work as he used to be a tile setter. I maybe put 3k into the place plus threw my dad some cash after i sold it for the help with the tiles.

[abcx]

Originally Posted by pocketkangaroo

It really depends on the location and a bunch of other stuff. If it's all you can afford, you're getting a good price, then I say go for it. I think they're harder to flip, but they make real nice rentals if it's in the right area.

That is exactly right

[g$$$]

thanks for the advice k0nr4d

[pocketkangaroo]

Originally Posted by g$$$

hows the housing market in chi town??

Expensive. Hopefully things crap out a little because I want to buy a new place.

[g$$$]

yeah..anyone know about 1031 exchanges?

[Well Dunn]

depends on your market man, I know people who get burnt owning a condo beacause they live in to big of a building, so lots of vacants, meaning lower demand. Then again I know some people who made 6 figure roi investing in condos in chicago...so

[g$$$]

bump for morning people

[sweetcuties]

Hey, this is your 2nd real estate thread... so it looks like you're about to tackle it. You can't go wrong in real estate if you look at it long term. FORGET THOSE SHOWS ON HGTV... there's alot of hidden costs.

As many have said, it depends on the market and location. Are you going to rent or flip? If you rent it out, you'll got a kick ass write off! Also, if you plan on renting it out, look out for the condo fees... some condo's are cheap but they get you in the condo fees. My friend is paying $300 and change on his rental condo.

One of the best books I'm still reading is Find it, Fix it, Flip it by Michael Corbett. You can find it on amazon.

G/L it's worth the risk

[Sosa]

Originally Posted by g$$$

yeah..anyone know about 1031 exchanges?

Def look into this with your local accountant / real estate lawyer. There are rules you have to follow when doing it and if you fuck up it up just a bit, you will have fun paying those taxes!

[wyldworx]

great for investment purposes.... Great rental return due to demand and easier to find tax dodges i.e. negative gearing in a situation like this would be a viable option. When you take into account the fact that condo's, appartments and unit blocks are required to have a body corporate, those costs can leave little room for other maintainance costs, therefore whatever you can right off as a cost to maintaining your investment can be gained as a right off in other areas of your taxes. (one hand washes the other.)

[BigCashCrew]

If you were buying in Downtown Seattle area you could probably double your investment in the next 2 years.

[pornguy]

There are some onebedrooms ones here for about 260K that are worth every penny.

Location.

[shekinah]

It's okay if you're only living alone

[Randyyy]

if they're in nyc they are

[wyldworx]

i will agree where one states anything about location, but one must also take into account the comparative sales, the trend of the marketplace, and exactly what position you are in economically for the duration of the investment. If for instance you were thinking of purchasing a 1b/r flat at a time when the marketplace is on a downward trend, that would often indicate that the market is one for buyers and long term investors. Alternatively speaking, if the market is on an upward trend, it is a vendors market, meaning prices are often exagerated. A bit of research will always bring about the result that best describes your situation, and if you are privvy to some inside knowledge, the results can be astonishing. Real estate is a win win if you invest wisely.

[CWeb]

Nothing wrong with 1 bed units - the relevant part is location and any other features they may have.

Every "package" is different.

[latinasojourn]

the main disadvantage of the 1br unit for the owner occupier with a stretched budget is that you can't take a roommate if times get tough.

[g$$$]

Originally Posted by latinasojourn

the main disadvantage of the 1br unit for the owner occupier with a stretched budget is that you can't take a roommate if times get tough.

Thats what im talking about...

[Pornwolf]

Originally Posted by Randyyy

if they're in nyc they are

Ya got that right. Average price of a 1 bedroom here is about $600k.

[sweetcuties]

Originally Posted by Pornwolf

Ya got that right. Average price of a 1 bedroom here is about $600k.

NYC real estate is crazy and it's only going higher

[JP513]

Originally Posted by g$$$

really that difficult to re-sell?

how about as a rental property? any real estate people in here?

Worth buying? YES! Especially if it's undervalued *OR* you're going to use it as a rental property and hang the fuck on to it over the long term so it can provide some stable income!!!

Now having said that, are 2 bedrooms generally a *better* purchase to make? YES! If you can find a good deal on one, get it.

They are just as good for rental properties, but the advantage is of course the better re-sell opportunities (more people want them) in case you have a problem and need to sell. It's just covering your ass is all.

Same upside to both . . . it's just that in case of a problem, 2 bedrooms just have less downside is all, in my view.

[beemk]

anyone who tells you that its not a good investment doesnt know what they're talking about, however, its only a good investment if its underpriced enough. 4 bedroom houses have good resale value, but if you overpay for it you arent making a very good investment.

[JP513]

Originally Posted by pocketkangaroo

It really depends on the location and a bunch of other stuff. If it's all you can afford, you're getting a good price, then I say go for it. I think they're harder to flip, but they make real nice rentals if it's in the right area.

Yup! Well said.

[JP513]

Originally Posted by sweetcuties

One of the best books I'm still reading is Find it, Fix it, Flip it by Michael Corbett. You can find it on amazon.

G/L it's worth the risk

Good recommendation , but I wouldn't look to flip 1 br unless it's a REALLY hot market, which it isn't in most places right now. Unlike 3 years ago.

I wouldonly be looking to flip on a 2br these days.

[JP513]

Originally Posted by latinasojourn

the main disadvantage of the 1br unit for the owner occupier with a stretched budget is that you can't take a roommate if times get tough.

Excellent point! Though a 2br will probably cost the owner/occupier more per month to begin with.

[JP513]

Originally Posted by sweetcuties

NYC real estate is crazy and it's only going higher

San Francisco too. And it's sad to see.

[minniesoporno]

Growing up with my dad being a real estate agent, it depends on the location, time of year, and also what the condo has to offer. most people buy them to rent them out.

[ProducerCashDave]

Fuck that yo 2 bedroom or bust

[wyldworx]

in the australian market, some great short term, high yeild investments with standard risk would be beenleigh in queensland, north west coast of tasmania, and suburban to inner city perth in western australia. heres just one of the many techniques true real estate buffs use.. Be cunning and do some real homework by becoming freindly with your local council. Reason: a good example to use here would be a rezoning/building proposal to be decided upon, but just the proposal, and submissions to local congress by established construction/building firms alone are a good indication that the area will be productive no matter what the outcome. Why?
simple... say an area in America, say nyc, had statistics which indicated the towns were growing in population (job growth and all the other economic climates would obviously be a catylist to such) and a higher density housing was required to increase the cohabitation aspect of an area of land, then a submission must be submitted to council. Everybody pertaining to that area will be informed by proposals through an advertisement in the local rag, this is your ticket! You have the information you are after, see, if you have the funds, buy at the deflated cost before the plans are approved, either way, you know that this area is popular either way. Of course - no-one will submit plans to rezone an area for nothing, there must be a demand in the first place.

this is one of thousands. Just do the homework, and apply the very principals one would apply to this industry - research, research, research!

[Big Red Machine]

Everyone is saying investment...I don't think its an investment unless you have 2 or more properties. If all you have is your home be it a 1 br condo or 4 br house...its not an investment because you have to live somewhere. So even if it went up in value you'd still be buying in the same market your selling in.