BULK CONDOS VS APT

[Howard Salpeter]

I have an opportunity to buy 12 condos from a bank--the owner converted them into condos & tried to sell them, unsuccessfully-- they are in a predominantly rental area of DC, now the bank wants to unload them. I am having trouble evaluating them & want to know what the experienced folks out there think of condos, condo conversions & this type of deal.

[Jon Holdman]

Condo = HOA = a uncaring, unsupportive partner to your investments.

Do you mean there are 12 fourplex buildings, and these three are three of the buildings? Any chance to separate them off, if so? Or, do you mean there are 12 larger buildings and these 12 units are scattered throughout three of them? How big are these buildings?

Price? Rents?