Posted by mark on February 07, 2010 at 00:46:38:
In Reply to: Assuming or Taking Over Delinquent Apartments posted by William on January 31, 2010 at 19:09:40:
Yes you can. It depends on the particulars of each deal. For example, there's a 200+ unit property here that the owner will hand the keys over to you that has a non-recourse loan on it. It's in great shape with bad management. The question becomes how fast can you stop the negative cash flow. If you can do it in a few months you can pocket untold riches . If it takes 18 months you can lose everything when you run out of money. So yes, it is being done, just look at the details of each deal