Strategy for buying an entire condo complex?

[Dan Stehr]

Has anyone attempted to purchase all the units in a condo complex before?  Once I identify a good condo for investment I try to buy multiple in the same complex.  There is one complex in particular that I believe units are undervalued and I was thinking of reaching out to all owners and trying to buy them all as long term rentals.  Does anyone have any experience in doing this?  If so, do you have any strategies you can recommend?  Below are some ideas I had:

1. Run for President of the HOA
2. Try to increase HOA dues and reserves
3. HOA aggressively foreclose on past due HOA dues and buy them at auction
4. Try to prevent any MLS sales by making owners aware of my intentions and reaching out to them directly
5. Try to disqualify complex for conventional/FHA financing due to owner/investor ratio rules
6. After disqualified reach out to all owners at the same time and offer to purchase
7. Continue to purchase units off MLS if any become available

Any thoughts or recommendations?

[Dan Stehr]

The target condo complex is close to 100% owned by investors currently and investors have trouble with loans.  The thought process is to buy as many as possible at close to market rate with cash.  Any remaining holdouts I would assume you would need to pay double or triple market rates.  I believe the magic number is 75% ownership before you can essentially force a deconversion and convert the complex into an apartment complex.  All this is legal and done all the time.  Just looking for someone with experience.  Any other owners who refuse to sell would get a big payout at the conversion.