My 11 condotel units

I first saw one of such unit in Ebay and bid for it. I won the bid, but the owner refused to sell it to me. Then I found in the MLS system there that there were 11 units for sale by the bank. They were listed from $15K to $45K.

I thought I was testing the water by submitting an offer for $10K each and requested the bank to finance them for me. Well, the bank accepted my offer. So I was very happy to buy them as they had been sold for $119K at the absolute peak time, and most people bought at $89900.

After I bought them, I was astonished to see the first month's statements- I needed to pay the hotel $497 each unit each month, and only some of the units were rented for a few days, and some others did not rent at all. I had to pay the hotel close to $4000 each month, plus pay the interest and principal to the bank. As a result, I lose around $5000 each month.

To solve this problem, I put 8 units on the Ebay and one invester bid it up to the reserved price of $100K. So, I sold these 8.  I wanted to keep the 3 best located ones so I could sell at a much better price as I did not lose much money on these three. But, after a while, the hotel business got even worse and I had to lose around $800 each month on these three.

Then I put these three on the Ebay in the hope to sell for $45K. The first time, they were bid up to $40K. I put them there again. Then only $30K. Then I put one there to see if it could be sold better one by one, well, only to $7K. Now, I still have these three units. 

所有跟帖： 

• thanks4sharing, u did decent job on damage control -槑- ♀ (169 bytes) () 10/30/2010 postreply 16:44:08

• 34744--- the economy is sooo poor there -va_landlord- ♂ (0 bytes) () 10/30/2010 postreply 18:12:17

• 请求置顶。 Thanks for sharing. -sunskitehomes- ♂ (704 bytes) () 10/30/2010 postreply 19:02:21

• That's right. -va_landlord- ♂ (79 bytes) () 10/31/2010 postreply 08:06:21