Swing and a 16 unit miss

[Jason Hill]

I came across what I thought would be a great deal a 16 unit apartment complex 8 of the units were gutted to the studs the other 8 needed to be gutted also. Talking to the extremely friendly wholesaler the property was going for what I thought was a steal 130k!! Doing my research and visiting the property I had to have it i got 3 of my buddies together 2 of them had above 720 credit scores (the money) the third was connected to some local and not so local contractors (the hammer). We get a contractor out to the unit and everything seems great. I wait about 24hrs and my phone lights up with an email notification.  It's the contractor with the bid.....400k 100k over the assessed value. My friends have money but not that kinda money unfortunately. To say the least I'm disappointed I won't be a owner of a apartment complex but hey at least i tried. There's really no question here just needed to vent.

[Tchaka Owen]

@Jason Hill - this isn't a miss. A miss is you buying it and finding out later that your true rehab costs would be $400k. This is you doing your due diligence properly. Keep your head up, there will be others.