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Victorian rowhouse in a historic area. High tourist traffic. Long term or AirBnB rental is a sure thing.
The building has eight apartments, and one owner.
The building has just been converted to condominiums, and the apartments are being renovated as they become vacant. The first renovated condo is on the market, and my son is considering buying it, or a future one.
He knows the condos will get more expensive as the risk goes down, but since the condo association consists of only the building’s owner, until 75% of the condos are sold, my son is worried about what the condo fee will be used for, and that the owner can jack it up any time he feels like it.
Does anyone have experience with this type of circumstance?
Last edited by gentlearts; 04-06-2018 at 07:14 PM..
[quote=BoBromhal;51540272]high risk, may or may not be high reward.
maybe you could go in with him and buy 6 of the units, so that control is yours?[/QUOTE
The family joke lately is when we win the lottery, we’ll definitely do that. Actually, DILs family has talked about getting a place here, and some of them have the money, so who knows.
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