Looking For Partner In Possible Condo Conversion With Mixed Commercial.
I believe this property would be a great property to turn into a large condo complex with mixed shops or offices on the first floor. The building is a former federal building in downtown Fort Dodge, Iowa. It has a beautiful facade and is located near the edge of a couple of acres of future greenspace. The best part is that the building is priced at only $199,900 for 60,000 plus square feet and good bones. The building was originally bought by an investor out of California and with his mismanagement it was lost to the bank. The property sits in an area on the edge of a to be newly retooled down town area. If an investor where to come in they would have absolutely no competition on the ground floor. Nothing of its kind exists in this area and this would be a great place to start. Any takers? Need a saavy investors help. I acn get you all the info needed. Thanks.
This is either a great opportunity or a run away quick.
1) what is the cause of the occupancy problems
2) of the total of 120 units how many would you be willing to buy either personally or with a group?
The problem with buying into a "troubled" complex is that if the other units continue to be in trouble their trouble will affect you no matter how well you manage your units.
On the other hand if you have the ability to buy and hold and the patience to so you could do very well. Determine a price you are willing to pay and you buy at that price (initially a VERY low price) and to keep buying units at that price. As the foreclosures complete approach each bank, point out that you know the complex, are aware of the difficutlies (in the process you make them aware of them as well) and are willing to buy at $xxx price. Tell them to take their time, your offer is not going to change or go away. About monthly remind them that you are still out there, that you are still buying and that your price is unchanged.
The idea, of course, is to buy them all. When you have purchased a substantial portion you take over the homeowners association and start a number of strategies to convince others to sell to you. Since you are always buying your definition of value becomes definitive-- all the sales are sales to you. Do not EVER overpay from your "price" all that will do is encourage others.
It is a long-term strategy but if you do it right then you will be cash-flowing the entire time and you someday have a very nice complex to sell rather than a bunch of 4 flats.
there was a group out of SF that was working in Argentina, you might try googling them.