All Forum Posts by: Anthony Jentsch

@Ryan Konen Thanks for the information. Very helpful!

We have some offers out on a few smaller apartment complexes (6-8) in FL. We are targeting Cape Coral or Tampa St Pete. My partner and I are out of state and our wheelhouse is smaller multi's so this would be the first. I am looking for a 3rd party to do financial and physical due diligence on the property. Verify rents, vendor contracts, bank statements, T12, P&L, etc. I'm having trouble finding a company that will do this. Maybe I'm looking for the wrong company. Would we just use a real estate accountant and a property assessor?

Thanks guys for all of the insight. Especially from you who have experienced investing in fractured condos. I will stay away. Like you said there are plenty of less complicated deals out there.

Anthony 

Hi BP, I'm looking at an out of state fractured condo deal. The deal is to purchase 13 units (already owned by an investor for 8 years) out of 84. Only 7 other units are owned by another investor and are rentals. The remaining 64 are individual owners.  The broker states the owner of these 13 would give you majority seats on the condo *** board. I have researched these types of deals a bit and see quite  bit of "stay away" "too complicated" etc. I have 2 major questions/concerns from anyone who has invested in this type of deal. What does having majority on the Condo ***. board actually give me. Can I prohibit say unnecessary expenditures? The other issue is my exit. This would be owner financed on purchase but, Is it difficult to get debt on it at some point down the road.

Thanks
Anthony

My apologies to BP and Moderator this was posted under the wrong account. For some reason I have 2 accounts but really only use one. Logged into this one my accident. This can be deleted

Hi BP I'm looking at buying my first multi. Owned a few sfh rentals over the years and really looking to purchase larger multis. Looking mostly in South Jersey area. Ive Evaluated  a few properties recently and made one offer. I was keeping my search to Camden, Burlington, and Gloucester Counties only because I'm from Burlington County and more familiar with those counties, but I am consistently seeing properties that fit my criteria in Atlantic City. I'm not familiar with the area other than there are pockets of not so desirable sections. I'm looking at specifically multi family properties for cash flow. Anyone familiar with AC and Multis specifically during these times. I can only assume times are a bit tough for some as the casino workers are not all back to work but, would love to hear someone on the ground there's thoughts.

Thanks

Anthony