Seeking To Purchase Multi-Units Now

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My partner and I are currently seeking to purchase a minimum of total of 1000 units by the years end in Texas. We seek Class C properties that less than 25k a door including rehab cost and we are not afraid of rehabs. Our preference location is Houston but we will purchase anywhere in Texas. In addition we have our own private money. Does anyone have any proerties right now that they need sell?



Thanks



Jerry

Comments(7)

  • cjmazur16th June, 2007

    have you looked at the big nationwide commercial broker?

    thay seem to always have TX properties.

  • Uniny117th June, 2007

    Thanks for the info, we will take a look at what they have available.

    Jerry

  • Uniny117th June, 2007

    Shoot me an e-mail at **Please See My Profile** and tell me more about it.

    Thanks

  • Uniny117th June, 2007

    Shoot me an e-mail at **Please See My Profile** and tell me more about it.

    Thanks

  • cjmazur8th August, 2007

    these seems like it will be a messy legal battle.

    What did your contract say about CERCLA and hazmat issues?

    Should you have had a reasonable expectation that having a gas stations next door could be a problem?

    Were there phase I or II work done on either site, that were disclosable or in the public record.

    Did the loan docs require you to have conducted a phase I environmental?

    All this is food for though.

    What will it cost to clean-up and go back after the primary responsible party (PRP, who is usually a deep pocket.

  • cornerstonesvs9th August, 2007

    Water under the bridge for now, but use it as a lesson for later.

    We recently worked on financing a project for a client who had a similar situation on a piece of raw land.

    With the help of their attorney they were able to hold off the seller from foreclosing for over two years until the mess was cleaned.

    A judge actually ruled the seller could not foreclose and because it was proven the seller knew about the condition he also prevented the seller from charging interest for that time period as prescribed in the note. In fact, he went a step further, and ordered the seller to pay remuneration to the current owner. It was a percentage of the puchase price on a deal that was consumated over two years prior.

    Hire the attorney asap!

    Good luck,

    Craig

  • cjmazur9th August, 2007

    The date of discovery of the leak is a matter of public record.

    How does that date compare with when you closed on the property?

    He could have know sooner, but that is MUCH harder to prove.

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