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.
you meant $1.8m right?
Sorry Guys this is a 362 unit complex
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
I'm curious to know how things worked out with this property. If it is still available please contact me when you get a chance.