Distressed Multi-Fam Investing

[Tim Burns]

Hey guys,

I'm obviously new here but I have a few questions. Any advice/guidance would be appreciated (even if it's simply "go read this site").

I'll go from easy to hard:
- Am I correct in assuming that I would find foreclosed multi-family properties to purchase in the US at a bank auction?
- It seems the short-term goal of buying distressed multi-fam is to increase occupancy and the medium-term goal is to facilitate better management and fix it up in order to increase rent. What makes one city/market more attractive for acquiring/fixing up distressed multi-fam's than another? Is it simply a matter of where one feels most comfortable and has most knowledge of or is there some sort of objective analysis one can undertake like "oh in cities with high occupancy you have a better shot at..."?
- How does one go about finding out how many people are applying for or getting IRC 1031 deferrals in a particular area?

Thanks!

Andrew

[Rich Weese]

Tim/Andrew- The first item might NOT be to increase occupancy. In some instances the first item might be to empty the building! Sometimes the foreclosing party will already have accomplished that. Either way, this type of investment is not for the faint at heart. I have seen several investors go into this type of project and been unable to turn it around before they lost their investment. Good luck. Rich