Posted by Stew(NE) on March 31, 2006 at 08:35:51:
E-mail me, I am in Omaha, but I have a partner who has properties in KC and I just sold one in the Lake of the Ozarks.
Looking for a solution to 53 properties - Posted by Andy Kiefer
Posted by Andy Kiefer on March 30, 2006 at 18:18:16:
I have come along a real estate investor that hit hard times and is losing 53 properties (already lost some others to foreclosure). I have worked out a purchase price for all the properties, but I can’t myself put all under contract. Most of these properties have private lien holders that don’t want the properties to do the repairs and are willing to take losses. They will sell at what we negotiated if we have the backing or can assign to others. I have tried to contact other investors but am just not getting enough response. What would be my options here? Does anyone know what I could possibly do to make this work?
Thanks,
Andy Kiefer
Re: Looking for a solution to 53 properties - Posted by Walt
Posted by Walt on March 31, 2006 at 23:46:14:
Pass and buy them from the lender that takes them back. You will get much lower price and can get hard money to buy and fix.
Re: Looking for a solution to 53 properties - Posted by Will
Posted by Will on March 30, 2006 at 19:47:27:
Just curious…do the properties cash flow? If so, what exactly happened to the guy who is losing 53 of them?
That is QUITE an operation if the dude has 53 multi-family properties!!!
Re: Looking for a solution to 53 properties - Posted by Paul
Posted by Paul on March 30, 2006 at 19:20:24:
Where are these properties located?
Re: Looking for a solution to 53 properties - Posted by Andy Kiefer
Posted by Andy Kiefer on March 30, 2006 at 20:16:11:
Well, 23 of these properties are rehabs of 4 families to 2 condo units which is popular in south St. Louis where most of them are located at. 3 are commcial properties with few or no tenents. One of those actually he doesn’t own but is under contract which I believe is up next month and so he will probably loss the contract by not being able to close. 13 are condos outside of St. Louis with 11 of them on month to month. 5 four families in the same area not fully rented out yet, but these could be turned into condos for sale also. A total of 123 between 9 buildings that need work done of them to be rented out. The largest of these 9 buildings is a 36 unit building. The think he has more property, but this is what he gave me to work with. So I think what happened is that he had to much rehab going on with really no cash flow coming in. Would or could these all cash flow? Well the condo conversion (the first 23) wouldn’t so those would just be sold out right. The 3 commercial properties could if they were fully least (even partially) but they aren’t fully leased. Everything else can cash flow if they were finished and rented out. Like I said most of these don’t have tenants becasue they need some type of work done before they could be rented. Hope that explains a couple of weeks of working on this deal.
Andy
Re: Looking for a solution to 53 properties - Posted by Al Cooper
Posted by Al Cooper on April 13, 2006 at 20:05:08:
Feel free to e-mail. If you cannot find a solution, maybe you would like to sell them.
Re: Looking for a solution to 53 properties - Posted by Andy Kiefer
Posted by Andy Kiefer on March 30, 2006 at 19:24:32:
Most of them are located in St. Louis Missouri. Others are in St. Charles County which is just outside St. Louis. Just so everyone knows. They are multi-family, apartment buildings, commercial buildings, and condo-conversions. Any ideas what to do?
Andy
Andy
Re: Looking for a solution to 53 properties - Posted by Jeff
Posted by Jeff on March 31, 2006 at 15:44:52:
I am in St. louis also Andy, E-mail me and we can talk.