Updated about 1 month ago on . Most recent reply
Owner REI friend wants to sell whole portfolio
So without getting into the whole story, I have a good friend who is in dire need to sell about 80% of his portfolio. He's going through a frivolous lawsuit and never set up his shell companies /protections appropriately. In short, he's on the hook for about $30 million (or more) that he will need to pay as a court-ordered judgment. Thus, his REI career may be over (he being 84 years old). Most of the properties are free and clear and mixed with commercial, storefronts, small malls, and residential. I would guess his portfolio to be valued between $80-100m.
He may do a Chp 11 or take out mortgages to pay off his $30m debt. He asked if I would be interested in buying a package deal of homes and maybe some of his commercial stuff. I said I would, but one major caveat lol...I don't have any cash! So I asked if he would carry paper, and he said he would be open to it, but we don't know how that would affect the lawsuit. He would own notes instead of property. Any insight or ideas from the BP community would be helpful.