The expected ROI is 15%+.Feel free to google Williston, North Dakota to check out the housing market we are experiencing in the oil boom of western North Dakota.Tina

I'm not sure what cap rates are out there, but just be prepared for the boom and bust cycle.

And sold those properties to our rent collectors, people the renters didn't want to get upset.

If I have to do that I would not invest as my time is way more valuable and money earned than dumping it all into one business.If a business is losing money then the value is an asset sale only at maybe 10% of parts to liquidate.Many businesses just like properties have "legacy leases" that were okay during the boom times but do not cut it now.A typical deal is I put down 40 to 50% at a 2 times multiple of net profit and renegotiate the lease with the landlord for better terms.

They can bring listings to your attention that you may otherwise miss.But there is also nothing wrong with contacting the listing agent if you don't have an agent, and asking their bottom dollar figure, especially if you are in a market that isn't booming yet.Good luck!

They are correct, its our debt if we own it, and if we act to collect OUR debt, we are not debt collectors as statue was written, and we can do with it as we want, including forgiving some of it in order to come in under statue of limitations issues. 

If the judgement will make you whole then block their number and forget about them, if not sell the awarded judgement to a collector and the collector will harass them. 

You could do that but a few things go wrong and boom your cash flow projections you bought on are down the toilet.

That vintage of a building you would need to really look closely at all life expectancies.I can tell you from listing property and selling as a commercial short sale what generally happens is this.I find owners that are upside down in debt service are treading water.Even if they own other buildings if they were all bought during the boom times they don't give out enough money to break even.If you purchased more buildings during earlier years the debt service and properties are most likely not upside down.Older buildings like that need constant repairs over new product.What most owners do is the bare minimum of patch and paste to keep cash flow going.I would want to see the rental history of how long the tenants have been there.Asbestos is a biggie and so is lead paint.When you turn a unit meeting the new EPA lead certified rules cost a bunch more money and you have to use certified contractors.So during due diligence I would get testing done to really see what I am up against.Land was more plentiful back in the 60's and development was more spread out.Landscapes change over time so if this property has a nice chunk of land it sits on you might be primed for redevelopment as a value play down the road.Seller paid utilities are a killer and all my investors hyper focus on it for multifamily as they see it eating into their bottom line.They see if they are holding ten years and have 5 year financing what happens when utilities skyrocket and they have to refi into a higher percentage rate loan.They will get squeezed from both ends.If they get hit with heavy repairs and turn rates they will get hit from 4 different angles.These are the items on my investors minds that buy into the hundreds of units at a time down to 20 to 30 units.Most do not like to go real small as the financing is harder to obtain as many commercial lenders do not play in the smaller space.The bank wanting to finance the deal sound like a small to mid size bank.They want a higher price of course to preserve margins and losses to the books.Bigger banks usually just want to shred the price and sell cheap to get it off the books at all costs because of the large volume of new loans they are doing they are better underwritten.Remember future repairs on older vintage buildings will eat you alive for cash flow.Also it might be a C age building today but when you sell will be a D age.On exit you have to plan on selling for a higher CAP to compensate.If the market is stronger then great but if it's not your plan and expected returns will be inline with each other.Hope it helps.

And my bigger risk was not completing the original deal (48 lots) and losing the trust and confidence of the seller (the bank)...I was able to sell 26 lots (11 lots, and then 15 lots) to an investment group (they "warehouse" these properties for a "future rainy day-real estate boom"), and 7 lots to another investor of mine (thru his self-directed IRA) and the balance (24 lots) were sold as "singles" or as "doubles" (i.e., 2 adjoining lots) on eBay (as I am a long-time "power seller" and "top-rated" seller there!)...