patrick.net

Yeah, reminds me of something I read a while back. I don’t remember if it was a post or article, but the writer’s theory was that a lot of condos (after HOA, and other expenses) were worth $0.

…or perhaps even less.

Around here $350/month condo fee would be considered low. Not that I would find it acceptable.

He should probably sell the whole thing to a CA investor who has dreams of 'owning apartment buildings'. Probably thats his plan?

Thanks for another update Roberto, you are one of the few here who is actually experienced with Real Estate. There are not that many true stories of on the ground actual reports here. Mostly just complaining and snark(which is fun but not useful for investing...)

sounds like bulk buyer is about to become bulk landlord.

I've seen some houses being built now that have the ghosts of the former HOAs still in place, absolutely crazy HOA fees for, well, not much.

Roberto, you seem to follow the condo market in Phoenix. Curious what you think about these: MLS 4480162 and the 7 others just like it. On the market for awhile. Look very nice inside, against South Mountain but real estate to the north is very dodgy, if you know what I mean. Look at those prices!

Keep up the great posts robertoaribas. We all know the difference between the A-holes and the merely frustrated on this site. I may be both. I think I hide one side when posting.

wow e-man's post is spot on re out of state investing.

I luckily dodged that bullet but I know plenty of people who fell for that trap.
Californians especially vulnerable because it seems like
you can get so much more for your money out of state.

Roberto takes a sales price, and then randomly picks numbers to make the investment bad by making up what was done, how much it cost, and what the guy expected on his return.

SFace shows they're wrong.

Roberto changes the numbers to ensure the investment turns bad. Then says he's right this time, because now the numbers truly are bad.

Roberto has no information about the buyer, what the buyer wanted to get out of it, or whether this buyer was taken advantage of. He assumes the guy knew what he was doing, then he assumes the guy over paid, and then he assumes the guy lost money based on all his assumptions. Finishing up with assuming everyone doing this is losing money but him.