Apartment Buildings

Of Course You Realize, This Means War!

Unbelievable. AGAIN.   I kept hearing how this commercial property stuff was different. But it seems like every time I turn around it’s gets more and more bizarre.   As you have read in some of my prior posts, I’ve been pursuing my first apartment building since the beginning of April. The seller has been a compete flake every step of the way.   He dragged his feet so much that I drew a line…

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Apartment Buildings

The Deal Done Died

Yep. After all the drama. All the back and forth. All the ups and downs. My first apartment deal is DEAD. Call it doctor: time of death Thursday July 10, 5pm eastern. The cause of death is what’s ridiculous. Again, to recap (please indulge me if you’ve seen this before) Mr Seller and I agreed to terms last April 15th. He produced all of the required due diligence documents up front, except for his 2007 Tax Returns…

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Apartment Buildings

When It Happens to Them It’s a Recession – When It Happens to You It’s a Depression

GREAT. I wrote a blog post a couple of days ago about Indymac shutting down it’s lending operations. Something about a Pig Through a Snake. Perhaps you read it – about capitalization issues taking down another lender – blah blah blah blah. It was mildly interesting but not earth shattering because, hey, it didn’t affect me! Then late yesterday afternoon I finally received a call back from my intrepid commercial mortgage broker. I had called…

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Apartment Buildings

Brass Tacks, Brass Balls, Whatever. It’s Time to Decide

It’s been a while since I’ve posted an update to my Apartment Quest series.   It hasn’t been due to any lack of motivation or activity on my part. Nope. Our lack of progress has been due to Mr. Seller. It seems that he’s been hitting the crack pipe lately – hard!   He somehow got the idea that he can call all the shots and sell a $1 million building on his own terms…

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Apartment Buildings

The Building – Part III: The Endless Inspection

In the seemingly never ending interim time between the beginning and the end of the commitment letter process, the owner of the building and I finally agreed that it was time for me to do my physical inspection. It would be swinging without a net a bit for me, since I had neither the financing lined up nor the due diligence finished, but based on both the seller’s motivation and what I had seen already…

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Apartment Buildings

The Building – Part I

I know that this post is long overdue. As the next step in my Apartment Quest series I’ll tell you about the building that I’ve been “buying” since the middle of April. I had heard that this was a long process, and I had heard that it was filled with capital “D” Drama, and so far the experience and process has lived up to it’s billing. I finally hooked up with a great commercial real…

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