20 units not operational for 3 years

[James Kandasamy]

Hi BP community,

We are looking at a 20 unit MF deal that has not been operational for past 3 years. It needs electrical issues, interior, exterior, AC,new roof  etc. I believe this unit need a CFO and the building need to be brought to latest code, since its has not been operational for more than 2 years. I am assuming a 12 month period of no income as we have rehabs plus CFO approval from the city.  Anybody knows what are the challenges in this type of deal ? Anybody done this type of turnarounds?

James and Shanti

[James Kandasamy]

Hi @Carolyn L.

  A CFO is a certificate or occupancy that need to be given to building that is not operational for certain number of years. The issue is the building need to be brought up to latest codes.

I am still waiting for the rehab number from my contractor. Will keep everybody posted.

James and Shanti