I see what looks to be an awesome deal. But for some reason I can't get anyone to look into it with me. 20+ unit building only half occupied, rents are below the average. Some work will need to be done. The area isn't the best but not bad enough to where getting 80-90% occupancy will be much of a hassle.. what am I missing? I need ideas.
When you say you're looking for someone to "look into it with you", what do you mean? More specifically, what are you bringing to the table, and what do you want that other person to provide?
1) Who are you trying to get people to look at it; investors, contractors, flippers, etc...?
2) Per number 1, are you marketing specifically to that group? So let's say you are trying to get a partnership together to do this deal. How are you looking for/approaching other investors? Do you have an investment package put together with spreadsheets, photos, comps, financials, rehab scope of work/costs....? This is something that I've found is really important. You want people to take you seriously and build instant trust with them by being completely prepared. If you can answer all (if not 95%) of their questions, then that will show them you know what you are doing and you've done your homework on the property and area. This portrays you as a professional who is serious about it and puts people at ease and builds trust real fast. Anyone can say "hey I have a great deal on this apartment complex. It's only 50% occuipied now but if we rehab it then we can get it filled and the make some real money." But, how can you prove that? Do you see what i'm getting at?
I see your point Alexander. Admittedly my plan isn't that thorough. thanks for the pointers and suggestions. Thank you for answering, as well, Jason.
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