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The Condo Search - Part One

October 19th, 2007 at 08:35 pm

Last weekend my friend and I went to Gulf Shores, Alabama to look at foreclosed vacation condos. We found a potential buy. It is a 2br/2ba for 169K. I am currently crunching the numbers, but it looks like if we can get them to accept 125K we will buy.

My friend and I are planning to pay cash. I am getting my half from a HELOC that I am currently opening. I believe I can carry the cost for about six months. It is a risk, but I believe we can put it up for sale below market and still make a good profit.

My next post will have the breakdown of the numbers.

2 Responses to “The Condo Search - Part One”

  1. Ima saver Says:

    Good luck!

  2. dasquest Says:

    Thanks, we are currently finding out the total amount of carrying costs. Condo fees, insurance, management fees and utilities may it difficult to profit from renting alone. I am going to post the numbers when I have everything identified.

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