Apartment Complex Sale with issues?

7 Replies

Hello,

I found a apartment complex that has a lot of issues, It has 52 units that was damaged during a fire, property has a lot of cosmetics issue, and property management issues.

They do have good cash flow, they are ask $11.8 mil for property. property is located is a good neighborhood. problem is i do not have good credit (575-615) and no money to put down. I looking for help on how to start this process. This will be my first deal attempt. But i believe that the property can be turn around and have a real positive cash flow. Any suggestion?

You won't have a chance at this, just unrealistic....no money, no credit, no experience with this size properties.  Focus on something more doable.

362 Apartment Complex

After repairs and new management, I think we can increase profitability 25%
there are total of 6 apt complexes around, average rent for they other approx. 650.00, this complex average 555.00 month, If repairs, cosmetics are done rent can be raise to match area around to 600-650, witch will give a increase of 45- 90 dollars a unit. and 56 units that need repairs will increase there also. i figure a 2 year plan until profitability.
Net Operating Income from Mar 2014 thru April 2015 is 1,078,360.50