First step is to always make sure that the company representing the condo conversion actually has Title to these properties. Many times in between the Due Diligence process and the actual time of release these companies sometimes don`t have the property in their hands.
Hence, the process is longer than originally promised and they`re holding your money.
Also, Investers/Buyers ratio needs to be in order in order for you to secure a loan.
Make sure you`re working with a capable mortgage company, who knows about these issues.
Negative cash flow is very common so make sure that the actual rent rolls are correct.If you`re purchasing a unit that already has a renter, verify that this renter is paying in a timely manner.
If you need any additional infor feel free to email me.
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