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Updated over 11 years ago,
Anyone ever manage/test drive apartments with the intent of buying them
I met with the sellers of a small apartment complex in the 10-20 unit range this morning. The NOI for 2012 was $10k below what their loan payments were for the year. I feel like I could negotiate a no-money down land contract if I could pay them a monthly amount that would just cover their payment. I also feel that I can manage this property far better than they have. The gross potential rent was about $67k and the actual collected rent last year was $49k. I feel I could bring the income up to around $65k or more. I think there would be a 6-12 month turnaround period where I would replacing tenants and raising some rents.
At one point the sellers asked if I would be interested in managing them. Has anyone ever taken on the management of a turn-around with the intention of buying them after the numbers improve. I feel like I can make a go of these.....I just don't like the idea of bleeding $10-12k or more during the turnaround!!
I don't like the idea of managing someone else's property so i'm open to any ideas and or advice.