Interesting opportunity in Saint John N.B
- Thread starter Jeff8323
- Start date
Hi,
Small question - the doc. you attached specifies 2014. Was it eventually not sold in 2014, or the new owner is just using the same form the previous seller he bought from used?
One more question for other investors:
- Is this a common way to sell apartment buildings where potential buyers are asked to specify a price without the seller providing any?
Thanks
Small question - the doc. you attached specifies 2014. Was it eventually not sold in 2014, or the new owner is just using the same form the previous seller he bought from used?
One more question for other investors:
- Is this a common way to sell apartment buildings where potential buyers are asked to specify a price without the seller providing any?
Thanks
Good Morning,
Yes this file does specify 2014 as this is when the corporation dissolved and it went to bankruptcy protection. The current owner is now the bank who are now trying to sell the units off. Because it was converted to condos they being sold as each unit instead of each building. There is currently about 20 condo owners spread across all these buildings. Where I see the benefit is buying the units renting them as regular apartments and starting your own condo corp and collect the fees from the other owners. Then this still leaves you with the potential off selling some of the condos again if there ever becomes a market for them again. Not very often you could buy a 12 unit building for 25k per door. Ive been in some of the units myself the quality ranges from move in ready to needing some extensive renovation. I can tell you one thing they have had these for close to 2 years and are very motivated to sell. Anyone with any questions at all I would be happy to help.
Jeff
Yes this file does specify 2014 as this is when the corporation dissolved and it went to bankruptcy protection. The current owner is now the bank who are now trying to sell the units off. Because it was converted to condos they being sold as each unit instead of each building. There is currently about 20 condo owners spread across all these buildings. Where I see the benefit is buying the units renting them as regular apartments and starting your own condo corp and collect the fees from the other owners. Then this still leaves you with the potential off selling some of the condos again if there ever becomes a market for them again. Not very often you could buy a 12 unit building for 25k per door. Ive been in some of the units myself the quality ranges from move in ready to needing some extensive renovation. I can tell you one thing they have had these for close to 2 years and are very motivated to sell. Anyone with any questions at all I would be happy to help.
Jeff
- Joined
- Aug 30, 2007
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- 13,881
Can you finance the units ?
It is very tough to sell condos in poorly managed buildings.
It is also tough to rent them if there are major building problems or massive vacancies in the same complex.
Multiple owners with possibly multiple property managers may cut each other's throats.
But if you buy them cheaply enough it may be worth the headaches. Who is paying condo fees, and who isn't ? The condo corp might be in disarray or arrears.
Not a rookie project but doable in the right circumstances for the right level-headed owner !
It is very tough to sell condos in poorly managed buildings.
It is also tough to rent them if there are major building problems or massive vacancies in the same complex.
Multiple owners with possibly multiple property managers may cut each other's throats.
But if you buy them cheaply enough it may be worth the headaches. Who is paying condo fees, and who isn't ? The condo corp might be in disarray or arrears.
Not a rookie project but doable in the right circumstances for the right level-headed owner !
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- Joined
- Aug 30, 2007
- Messages
- 13,881
- Joined
- Aug 30, 2007
- Messages
- 13,881
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