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Updated over 6 years ago,
Apartment complex does not own parking area - how to solve?
I have been evaluating smaller apartment complexes in the area and ran across a deal that looked interesting. It fit the mold. Built in the 80's and need updating, rents under market, etc. Its a 10 unit deal.
I contacted the broker to get financials and they told me that the property was under contract, but at title it was discovered that they do not own the covered parking attached to it. Apparently it is a city easement. The buyer backed out. They would not send information unless I accepted that issue.
A big part of real estate is solving other peoples problems, so I was wondering what the creative solution is? The parking has been there forever with no issues. Do I just say, "So far so good" and roll with it, or can I contact the city to see if an agreement can be made?
I will try and attach a picture. It is the long tin structure that parks maybe 8 cars at the top of the complex in the picture. Besides that area, there is really no parking for tenants.
Thoughts?