That is crazy they would turn down new properties. I wonder why more people don't go into property management if the fees are so high! It seems like there would be a demand for this kind of service and people are turning away business. I met someone doing Airbnb management and they didn't want to take on more properties either.
Most times when a company gets acquired you have a non compete for a few years.
Yep. But it's clear Mike's non compete is over! He is on a tear buying up all of Palermo again.
Property management in BA is very difficult. You need to be organized and have dependable people. My wife tried to do Airbnb with her brother on some of the units they owned. The manager was a flake and he was even a friend of the family. She ended up selling all the furniture and just doing long term rentals. Long term rentals now in most parts of the city are 5.5% ROI. Not terribly high but not bad either for steady income in USD.
Wow! That rental calendar is insane. Maybe I shouldn't have sold my apartment in this building but with my mom dying I had a lot on my plate. I was originally going to come down and live in the place. Had no idea the rental demand is so strong there. I loved that location as it is so central but I wasn't sure how it would rent as Hollywood and Soho seem to be the hot spots for tourists but clearly people love that location.
Thank you for all your advice! Everything you told me in 2023 that would happen in real estate has happened. I feel blessed to have a friend like you guys helping me. My other apartment that I bought was also a crazy great investment! They keep raising the price on that building. The prices in my other apartment that I purchased are already almost $4,000 per sq. Meter which is much more than I paid.
Yeah that is in my building! I almost bought one of those but Mike beat me to it. He bought a few 2 bedroom units like that. Wow, someone is flipping it already? When I was buying that apartment was about $197,000 dollars! They are already selling it for $325,000??? that wasn’t that long ago!
Wow! I guess I should have waited. I bought the same exact model. It was a 2 bedroom apartment. I bought it at pozo and I flipped mine. My mother died and I was going to live in the apartment. Had to deal with tons of estate issues so postponed my move to BA.
They had some different pricing options. This one looks like they are selling it with the furniture and everything included. They gave me an estimated budget of $25,000 USD to furniture it so if you back that out it looks like the apartment is selling for $300k now.
I wonder if they're renting as an airbnb and and selling it as investment. And if they were using @BuySellBA to manage it for them, would services transfer over to new buyer??
I went to see this one. It is the exact same apartment that Mike showed me in a unit he owns on the 7th floor. We hang out a lot in his apartment during our stay a few weeks ago. We also hung out in my penthouse unit. I LOVE the area and the apartments. The owner of that apartment for sale apparently wants to buy an apartment in Mike's new 5 star luxury apartment hotel project that he is doing. So he is flipping it to put the money into that new project.
Yes this is a unit that we purchased at Pozo for one of our investors. He has been very happy with the investment and is torn whether to sell it or not. The value will keep going up. But in the end, he wants to buy an ultra luxurious apartment in our new Limitless Boutique Hotel that we are planning. It will provide a much higher ROI vs. a normal apartment so he is selling it. He is not super motivated to sell it as it's renting well.
Correct. When we had ApartmentsBA some of the properties flipped up to 5 times. Nothing changed for the management team other than the name on the title deed.
Gotta figure if they are selling it furnished they probably spent a small fortune buying the furniture. Still even if you account for the property only being $300,000 that is over 50% appreciation in a short amount of time. Congrats to owners in that building.
This is a great area. I just saw it on the map. I like this area much better than Soho or Hollywood. It is very central. I like the area near Alto Palermo Shopping Mall and you are on the border of Recoleta and Palermo here. I rented an apartment around the corner and it was very convenient. There is a huge Coto supermarket around the corner. It takes up the entire block.
You got very very very lucky to have bought when you did @Johnny. You literally got in at the bottom of the market. Prices happened to have bottomed out and since then it has gone straight up. You timed it right!
That makes sense. The current owner is selling it as a business versus as a residential and can show his ROI to justify the price. It's crazy in the short amount of time how much such units are turning around for.
Win win situation. When it's renting well no rush to sell, and prices still seem to be going up. So even if it doesn't sell now he might be able to sell even higher later. Although probably means new Limitless units will be going up as well. So it's a balancing act.
No the owner is just selling it. Sure, it's been a solid rental but price m2 has gone way up. Look at prices in new constructions now. They are already above $4,000 USD m2 just like I predicted back in July 2023 would happen. Everything that is playing out in Argentina is what I predicted in July 2023. Several of my clients already flipped and made amazing cash. Most are selling to buy something larger in Buenos Aires. Some sold to buy an apartment in my new apartment hotel project called Limitless.
Correct. He isn't in any hurry because prices will keep going up. He didn't even want to sell it as we are giving him like $2.000 USD per month in income. The tough thing now is showing it as it's always rented. On Limitless we just made an offer on land. We don't even have any floor plans or anything and we have half the building in commitments from people that want to invest and buy one. It feels amazing. I'm in NO hurry. I've waited 23 years for my dream of building my own building. I will do it when situation is ideal. I didn't want to do it while inflation was skyrocketing but it's stabilized now.
