Posted by james CA on March 22, 2008 at 01:06:48:
Have you tried contact the banks and ask if they will take SS?
What are NOI once they are full, their appraised values?
Age of the buildings. They look interesting but need lots of work and time.
Short sale on distressed Dallas 32 unit property - Posted by June T
Posted by June T on March 21, 2008 at 12:09:21:
I’m an investor helping an individual who is in default on 12 SFRs in the SF Bay area and 2 very distressed apartment complexes in Dallas, a 32 unit and a 20 unit.
Has anyone here ever done a short sale on an apartment building? Up to this point I have only focused on short sales for residential. Owner bought the 32 unit in 2004, the rent rolls & expenses were essentially falsified, he went through two property managers, kicked 20 of the 32 tenants out, spent 200K on rehab (system upgrades, all new kitchens, bathrooms and flooring) and ran out of money with 100K rehab still needed. He is 2 months late with the mortgage now.
Current income from the 12 remaining tenants is $6000. Before the 20 tenants were removed, income was $16,950. I will have rent rolls and expenses/taxes shortly. My question is how (and whether) to structure the short sale offer, and would this deal be attractive to an end-buyer at any price? Any and all advice appreciated!
June
510-586-0482