OfflineOk, here goes:
I'm struggling to find buyers for properties in the Daytona Beach (FL) area. Tons of incredible deals in the area, but I'm at my wits (and financial) end. Trying to be a bit creative, I've been searching craigslist - not for "buyers", but for renters. I'm hoping to snag a buyer into purchasing as opposed to renting. Difficult, I know, but with no advertising money, it's one of the better options I can think of.
Anyway... I see an ad for a person who *needs* to move anywhere in Florida and has a 46-unit apartment building in Detroit Michigan he is willing to sell/trade for. Can you say "opportunity"?
I contact him with the approach of making an IEE deal for him here in Florida - with the knowledge that he has an apartment building he is selling for cash, I figure this is a good deal in the making.
So he replies to my email and says he can't move until the apartment building is sold, but if I help him sell it, he'll also use me to buy a home here in Florida. Woohoo!
A little bit of research on the internet (can't exactly hop in the car and take a look at his property), and I see his 46-unit building that needs interior refurb, built in 1924, and an asking price of 1,000,000.
I need help! I can't seem to get any "hard" info on the property (appraised value, etc.), as their county appraiser's office charges for information. I stand to make some SERIOUS money in two transactions, but I have no idea how to market an apartment building, and don't know that taking 300,000 (30%) discount off the top is such a good idea, when speaking of these big numbers.
Anyone with any good advice on this - tips/hints/etc. - it would be REALLY REALLY appreciated! Besides, what an incredible first deal, eh? 
Thanks!
PS - anyone wanna buy a 46 unit building in Detroit? 
Quotes about me from other users:
"...high and mighty ... I have to bring the hammer down on them"
- My response: "The view from OUTSIDE THE BOX is a lot better than from INSIDE."
Hello. On the surface, this seems to have great potential. I'm from Northern Indiana (a few hours from Detroit) and I can tell you that Detroit has been hit very hard by the recession and the collapse of the auto industry. I think that you would be wise to thoroughly research the area, rents and current fair market property values before committing to anything. I could be way off base here as it could be a great deal, but I just wanted to share with you what I know about the area. I hope this works out for you. It sound like you're onto something big. Best of Luck!!
Bill
Thanks, Bill! That's *exactly* the kind of info that I want to find out... Once I hear back from the seller with some specific details, I'm sure I'll have a good set of numbers to look at. I'm super nervous about this - for obvious reasons, so everyone's advice is fantastic!
Chris
Quotes about me from other users:
"...high and mighty ... I have to bring the hammer down on them"
- My response: "The view from OUTSIDE THE BOX is a lot better than from INSIDE."