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After 19 years in the apartment business, I have now sold my last complex.
The liquidation started about 1.5 years ago.
Most of the apartments were purchased during the huge downturn for very little money. I had challenges because my credit had been ruined from losses during the initial stages of the downturn. Most of the clawback came from obtaining investors and using hard money.
Although the apartments were cheap when purchased. I heard people constantly telling me that they were not a good deal. They were mostly vacant and losing money. It was tough to convince people to purchase buildings that were operating at a loss.
They took a lot of work and time but I rehabbed, rebuilt, and rented the units until they were fixed up and stabilized. Then they were sold.
I cannot buy into the current projections for rents thus will not be buying into this environment.
I still own a commercial strip center and a golf course.
It is going to be really odd not having any apartments to deal with. I am excited about the change though.
The liquidation started about 1.5 years ago.
Most of the apartments were purchased during the huge downturn for very little money. I had challenges because my credit had been ruined from losses during the initial stages of the downturn. Most of the clawback came from obtaining investors and using hard money.
Although the apartments were cheap when purchased. I heard people constantly telling me that they were not a good deal. They were mostly vacant and losing money. It was tough to convince people to purchase buildings that were operating at a loss.
They took a lot of work and time but I rehabbed, rebuilt, and rented the units until they were fixed up and stabilized. Then they were sold.
I cannot buy into the current projections for rents thus will not be buying into this environment.
I still own a commercial strip center and a golf course.
It is going to be really odd not having any apartments to deal with. I am excited about the change though.
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