What to do with a Condo Rental that is now Non-warrantable
So my first real estate investment (which was also my worst) was a condo I bought to live in a 37 unit complex. The entire complex was renovated in 2007 and long story short the developer ended up going belly up. So a investor bought the remaining units and has recently started to buy up the remaining units in the building.
It looks like they own about 18-20 of the 37 total units which from my understanding makes the remaining units Non-warrantable.
My assumption is they want to convert the entire complex to apartments and sell it off for a hefty profit. I'm just curious if anyone has come up against this? I'm curious what my play is here.
My unit is rented and brings in about 100 dollars a month after all expenses, so it just barely cash flows. My plan was to keep it for 15-20 years as its in a good area and it attracts high quality tenants and wait for the appreciation gain. But, with the investor buying up more units (5 so far this year) I'm not sure what my best play is. Buyers cant get conventional loans and with a growing tenant base its only going to deter people even more.
The crazy part is the amount they are paying for the units it does not make sense from a cash flow perspective... that's why I'm assuming their goal is to buy all the units and sell it off as a apartment building and make money off the sale.
Any advice? Would it be worthwhile to hold out as long as possible? I don't need the funds for buying other property so I feel like my situation can only get better as they buy up more and more units the price per unit will have to go up. Am I missing something?
If I left out any pertinent info just let me know