Time to go condo
The value for condominiums has fallen between 50-and-80 percent, depending on the location. That’s according to Evan Gentry, the CEO of G8 Capital. Since 2007, his company has been capitalizing on that fall. In two and half years, G8 has bought more than 2,000 repossessed properties and whole loans from major banks and servicers in the U.S. It’s on track to invest more than $100 million in 2010, buying residential and multifamily properties, mobile home parks, senior living facilities. And condos. The company, based in California, buys the properties and sets out to renovate and resell them to retail buyers, reselling smaller bulk portfolios to local investors, and even holding onto some for longer-term rentals. The attraction is the discount, but there’s something more to condo investing than bargain hunting and waiting for a rebound. After all, Gentry is an investor, not a prophet. TO READ THE FULL STORY, SUBSCRIBE NOW.