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Updated over 2 years ago,
Tenants seek investors for unique Landmark District house REO
We are long-term (6 year) tenants who have been faithfully paying rent in a very unique 5000+ sq ft/8+BR house in a landmark district. The owner was foreclosed on years ago and now it is REO or soon to be. The bank wants $2.2 million. Heard an offer went in of 1.8 by someone. Are there ways to find investors who just want to own/sit on for a while with a rent roll or who might be able to be part of a patchwork of a few investors? There are a few of us and some former tenants who could come up with funding but it wouldn't be as immediate as needed. I do know two appraisals were just done in the past month. And I know the comps in the neighborhood but this is a very unique property in terms of size as a single family and so not particularly desirable as such (could not be converted to a multi-fam). We do have a couple skilled workers in the house and it is in such a state that it could be left as-is with minimal repairs/upkeep as needed for the next 5+ years. It's like a country farmhouse but in the city.