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Would you buy if 30% of the apts had liens?

Started by Hobbie
over 14 years ago
Posts: 1
Member since: Apr 2012
Discussion about
I just found a nice apartment where the seller was asking a realistic price. The only problem is the building. The building has about 300 apartments but roughly 100 of the units have liens by the Condo Board. About 10-15 units are short sales or foreclosures. The most recent financials (2010) show annual expenses of $2.6 million, $3 million income, and a reserve of $1 million. I would like to make an offer but the number of liens scares the sh*t out of me. Would you consider buying in this building or run like hell?
Response by RE_Alpha
over 14 years ago
Posts: 1
Member since: Feb 2012

Are you referring to 20 West?

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