Thursday, November 10, 2011

Condominium investments still working

It is correct that you cannot always in all places, sometimes for long periods of time, buy an investment grade condominium that meets the stringent requirements described in my book. But that is as it should be. Investors who did not buy a condominium because it would not yield the required positive cash flow were thus saved from being crushed by the devastating collapse of the real estate bubble. When Bob Bruss who was "the king of real estate columnists" reviewed my book in 2002, real estate was booming and it was very difficult indeed to replicate the condominium investments I made from 1975 to 1986 anywhere in America. Mr. Bruss noted this valid fact but went on to give my book a grade of 80 percent. But now that condominium prices have collapsed in many places by as much as fifty percent my method can once again be applied in localities that show signs of economic recovery. My property manager, the same one mentioned in the book, has been working for me for about 30 years. I still have the condos that are the basis for my book and they still give me a superior return on investment especially when compared to what you can get in a bank today. All I still do is enter the rental income into a spread sheet every month and it still takes less than one hour. The property manager does everything else in order to get his nine percent of actual rent collected.
Andris Virsnieks
The Author

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