Looking for distressed/poorly run apt complexes | FerrariChat
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Looking for distressed/poorly run apt complexes

Discussion in 'Texas' started by Cicero, Sep 23, 2004.

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  1. Cicero

    Cicero Formula 3

    Jul 27, 2004
    1,645
    #1 Cicero, Sep 23, 2004
    I am looking for distressed or poorly run apt complexes in the $1MM price range. Prefer Dallas, Houston, Austin, San Antonio or at least Texas. Will consider any surrounding states as well. Just trying to get the word out as some of you may know someone who knows someone etc.

    Send any inquiries to the email in my profile jim.schad at gmail.com
    Thanks,
    Jim
     
  2. jimpo1

    jimpo1 Two Time F1 World Champ
    Owner Silver Subscribed

    Jul 30, 2001
    24,897
    Dallas, TX
    Full Name:
    Jim E
    #2 jimpo1, Sep 23, 2004
    I have a friend in the business, I'll ask him about it. You should buy him lunch and pick his brain, he's been managing apt's professionally for a long time.
     
  3. WJHMH

    WJHMH Two Time F1 World Champ
    Silver Subscribed

    Sep 5, 2001
    26,437
    Panther City, Texas
    Full Name:
    WJHMH
    #3 WJHMH, Sep 23, 2004
    I have a brother in law in Houston that's in the business, I'll PM you later with more info.
     
  4. icars

    icars Formula Junior

    Mar 28, 2002
    855
    Plano Texas
    Full Name:
    Rodney Haas
    #4 icars, Sep 23, 2004
    You used to be able to find deals in East Dallas but they are mostly gone. East Dallas is now going through "gentrification"

    You might want to look around Bachman lake. I believe there was some decent deals in that area.

    The property next door to one of our Family's properties in East Dallas just sold for 58K a unit. Just nuts.
     
  5. s_eric09

    s_eric09 Formula Junior

    Feb 7, 2004
    570
    SoCal
    Full Name:
    George
    #5 s_eric09, Sep 23, 2004
    nuts as in cheap or expensive?...........

    and how big are they? cuz like here in socal, man things are expensive here!

    George.
     
  6. s_eric09

    s_eric09 Formula Junior

    Feb 7, 2004
    570
    SoCal
    Full Name:
    George
    #6 s_eric09, Sep 23, 2004
    actually that seems pretty cheap.
     
  7. Cicero

    Cicero Formula 3

    Jul 27, 2004
    1,645
    #7 Cicero, Sep 23, 2004
    I'd like to buy for maybe $20K-$25K per door so $58K is too much...that's what I want to sell em for after I turn em around.

    Jimpo1....ask your friend who the worst prop mgt company is in town. I am trying to find that out so I can stalk down their owners and buy them then fire the mgt company. I know a guy who hired a retiring REIT Regional Mgr to run his properties and part of the deal was a 5% cut of the increased equity created within 1 year via sale or refinance. Nice bonus for the REIT guy if he works at it.

    Tillman: you work for a REIT...any contacts to talk to as to how they buy properties? I know they do alot of office space, but who knows. Also prob too cheap for them, but again worth a shot!
     

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