A deal comes knocking on the front door.

[David McBrayer]

I hope this post finds you all well! I am in the middle of a rehab and a deal comes knocking on the door. Or in an e-mail I should say. Had it come a little sooner? I might have jumped on it. I am still interested but I need to figure out just how to work it? Try to do it myself? JV with someone? or let my cousin and his son join me?

A building I have interest in, and would not mind owning one day, has just had a few units come up for sell. Well, let me rephrase that, they were offered to me before they go on the market. Then another unit was offered to me with owner financing. So that would be 4 more units, and that would give me 5 units out of 12. And the HOA owns one that they might want to part with. There is #6.

Now one of the reasons there is a mad exit is, the board has basically fallen apart or should we say, died.  The President passed away a couple months ago and no one wants to be on the board.  Other than me.  A lot don't have the time and just flat out don't want to be involved.  They are rent collectors.  There is probably only one or two owners that live there at that.

With this being said, it is a task. I do not know the financial situation of the HOA? or if any liabilities are looming? But someone needs to grab the bull by the horns. I would hire I Property Management Company to handle it. If the other owners just want to collect rent that is fine, but at least make sure the building and property are maintained and that they get back to screening tenants and looking after the property. It really is in a great location.

This beautiful condominium building is a block away from a big lake with a new walk/biking path to it.  Plus it is close to shopping, restaurants, churches, public transportation and downtown.  They are 2-1's built in the 70's I believe.  They need a little TLC but it is not in that bad of shape.  But if someone does not act pretty quick?  It will become a problem and cost more.

So I need to figure out how I want to go after this if I do.  The house I am rehabbing would pay for them all.  I could sell it and buy them all.  That is a thought as well.

Thank you for taking the time to read my post.  I think this could be a good deal and I know it is not a quick fix.  It will take several years to really get it whipped into shape.  And that is if there are no hidden suits or claims and nothing major happens to the building.  But it is interesting.  I think I may could get a few more units.  If not now, down the road a bit.

See right now with the board problems and no financial records, make it a hard sell.  Unless you don't tell someone the problems.  And that is not legal I don't think?  Where I kind of know what is happening, not all of the info I need, but some to start with.  An attorney would be brought in to make sure all is well.  I can get all 4 offered at a good price.  The single one is more for the unit than the other 3 individually.  They are offered a bit lower if I take them all cash. 

So now let me know what you think?  I know more info and questions need to be ask.