Looking for advice on finding a bank owned Multi-Family Property

[Andre Lewis]

Hello BP,

I need your advice. I have been calling several banks seeking their bank owned apartment complexes. i have had no success. I am looking for apartment complexes with 50+ units.

Are their any experienced investors that can possibly help me out or give me some advice?

Thanks in advance.

[Joel Owens]

Are you a cash buyer with funds to close or are you just trying to be a wholesaler with not even a penny to your name??

If a wholesaler you need to forget that route.You will be laughed at by the banks and they will not take you seriously.

With apartments there is performing (90% plus occupancy with paying every month), sub-performing (usually 40 to 75%) is the sweet spot,and then totally vacant.If occupancy is less than 40% it will be really hard to turn around and by then the units have been stripped anyways so you treat as needing complete rehab.

Anything over 90% you can get a regular loan on.Anything under that is hard money or private money.Once turned around you will need to immediately sell after about 6 to 12 months of stable occupancy and payment or refinance to get rid of the high debt service.