Strategy :Flip

Role :Sponsor

Location :Salem

Acquisition Year :2017

This condo was bought out of foreclosure and is another unit we watched continue to go down in price over ~60 days (started at $270 and purchased for $205k). One risk in any condo situation are the other owners / tenants. In this case we had to deal with both. There was a family living in the unit directly above the unit with kids who ran around all night like there was a 24 hour game of tag going on.  The 3rd floor unit was owned and occupied by the HOA trustee. To say she was displeased with the tenant activity in unit #2 was an understatement. It was almost daily that she would send emails / call to myself and the other owner about noise coming from that unit. She also was firmly against improving the exterior of the building, despite desperately needing painting / carpentry work on the siding.  Eventually she caved, but it took almost 4 months of begging.