There is still money to be made in real estate, apparently.  This investor put down $100,000 for nine condos, made some renovations, then sold off some of them, for a pretty-quick 100% return.

Not bad.  But, really, would you be willing to invest in a condo-development where a newly-renovated unit goes for under $25,000?

By Jane Hodges, Wall Street Journal

The Investor: David Pailet, 32, until recently managed a small Texas hedge fund. Following the stock market declines of 2001, he says, raising capital became difficult, and he decided to try real-estate investing.

The Property: The 550-square-foot, one-bedroom condo is one of nine units in Dallas that Mr. Pailet bought in April 2005 from a recently divorced investor whose changing finances put her at risk of foreclosure. The home is part of a 200-unit development with a pool. The 1969 complex is located in a low-income neighborhood that Mr. Pailet says is both safe and convenient to major highways.

Purchase price: $11,530. Mr. Pailet calculated the unit’s price based on square footage costs for his nine-property deal. He put $2,500 (more than 20%) down on the property.

Complete article: Buyer of a Budget Condo Makes a Small but Tangible Return

View Back Bay condos for sale and rent.

Boston condos for sale:

Back to Boston condos for sale homepage

Contact me to find out more about this property or to set up an appointment to see it.

Boston condos

Boston condos for sale

SEARCH FOR BOSTON CONDOS FOR SALE

For more information please contact one of our on-call agents at 617-595-3712.

 

Comments

comments

Call Now