Posted by MP on September 17, 2004 at 07:57:18:
John, The units are in Michigan. They are a group of 6 small complexes each with seperate title. The complexes are all within 2 miles of one another. However, there are only two mortgages. One mortgage covers 4 complexes (90 units) and the other mortgage covers 2 complexes. The bank with the 4 complexes now have the titles in their name. Any more questions, feel free to contact me at collageave911@yahoo.com. Are you a lender?
168 unit apartment complex in partial foreclosure - Posted by MP
Posted by MP on September 16, 2004 at 15:19:53:
168 units, 90 are bank owned
45% vacancy, very poorly managed and maintained
may be able to get them for $17,000 - $20,000/unit
cash flow of $200 - (600)/month at above price
potential cash flow of $16,000 at 80% occupancy
area can support the property, all other apartments in the city are 95% plus occupied.
property is next to college and hospital
major univerity within 10 miles
vacancy scares most lenders, can anybody help?
MP
Re: 168 unit apartment complex in partial foreclo - Posted by John
Posted by John on September 17, 2004 at 06:03:00:
Can we clarify something?
How is this an apartment building using the traditional US definition of
multiple residences with one title?
This sounds like a building with condos/flats/town homes. The
comment about 90 being bank owned is what triggered my question.
Where is this located (city and state)? Is it outside the US?
John