Apartment Building Portfolio

[Daren Wang]

Hi Biggerpockets, need some clarification on the following topic. Is it possible to buy an apartment building portfolio, and sell a few of units to individual (not create a CO-OP style sale), which the individual do get deeds etc. Is it doable? How much local regulation plays in the process?

[Melissa Ramos]

@Darren - that's the easiest way to sell off each unit however be careful of what apartment and the location that it is in. There is a condo complex here in Atlanta that was once an apartment 10-15 years ago and the owners converted it to a condo. The apartment itself was in poor condition and the seller (not sure if they were using property management at that time) did not update the buildings and did a cheap job of selling it off at a low price to buyers and investors who thought Clarkston was the next best thing. That was also the time when many refugees were settling in the town (it still has a large refugee population) so they were enticed with the cheap prices of the condo. Fast forward to today, the condos were never updated and fixed..a few of the buildings burned down, the quality of tenants that it attracts is just awful and now the seller desperately wants to sell but can't since they need 70% of the tenants' vote to sell the property off....I dont know anyone who wants to touch that place with a 10 foot pole.