Has Anyone Ever Flipped An Apartment Building?
I'm very new to this, I've been birddogging for a local investor, primarily pre-foreclousures. However, I came across a listing for a 13-unit apartment building in a great area of DC for (what I think is a steal, even if it needs major work). There's a number I can call for additional information but not until Monday. You think it's possible to flip an apartment building? What kinds of questions should I ask when I call?
I'll have to start looking for some serious investors though, for I think this may not be in my investors interest. Even if I don't flip, I'd love to be an apprentice to whoever purchases it.
I'm an investor in DC, send me an email or pm if you have anything, let me know about the apt building I might be interested.
To anwser your questions, Yes. You can flip just about anything (unless its HUD certified) Something like this, you need to title season for at leat 90 days.
[addsig]
Hello,
The most important thing about apartments is that the value of the apartment is usually based on income or comparable sales.
For this 13-unit, it will most likely be valued with income.
As for information gathering, you need to find out the motivation behind the owner first. Next, you need to figure out if this is a deal. There's a lot of different things to look at when analyzing apartments.
I can help you analyze the deal if you want. If it meets our buying criteria, I could just buy it from you. Give me an e-mail, and I'll give you all the help you need.
Good luck,
John