Buying Fire Apartments
I am reaching out to find some people who have experience or knowledge of buying apartment complexes that have gone through fires. Please respond techniques and cautions to the strategy.
Currently, I own 31 units of class B apartments. In one of the towns where most of my portfolio is, there is one class A apartment complex of 24 units split in two buildings. One building recently caught on fire(last night with no injuries) and one of the buildings has 6 to 8 units heavily damaged and 4 to 6 units that have limited damage. I know these are often times where owners get super frustrated and may want to walk from the deal, understandably so. I have local banking relationships, a strong understanding of the local market and have been through gut to the studs renovations before.
Would love to hear some advice on what these deals typically look like. I haven't reached out to the owner given he is going through a lot today, but I plan to reach out within the week to see how things are going and gauge his intent to rebuild and hold onto the property.