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Updated over 7 years ago,

User Stats

268
Posts
55
Votes
Brenda Whittaker
  • Investor
  • Cottonwood, AZ
55
Votes |
268
Posts

Twelve abandoned condos!

Brenda Whittaker
  • Investor
  • Cottonwood, AZ
Posted

I found what I thought was an apartment complex, abandoned, turns out it's 12 abandoned condos/townhouses.  The complex consists of several buildings each with 2 - 4 units.  Needs minor fix up.  Value around $1M.  I would imagine if offering on all 12 a good discount could be negotiated.  I am told I cannot get a loan in any way shape or form if I am also borrowing the down payment.  I do not have 25% of $1M.  SO,,,,,,,,  does this mean I am left to one option, a partner with a ton of cash?  Also, does anyone know of a professional entity that can help put together a nice portfolio of past projects?  I have experience in renovation but am weak on the business side.  I hate business, Im just really good at renovating houses.  As for this foreclosed property, there is definitely potential here if someone can get creative with funding.  A proforma suggests a $25K profit on each unit is very possible.  I'd give it 6-8 months to complete.  Advice?

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