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Updated over 7 years ago,
Twelve abandoned condos!
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?