A 104-unit condo conversion: 45 units were sold, 59 were unsold and in various states of rehabilitation.
- No property management was in place.
- No marketing or advertising in place.
- Condo Association in turmoil.
- The debtor wasn’t collecting enough HOA dues to cover the expenses for common area maintenance. Since the debtor had possession of 59 units, he had a majority seat on the HOA board.
- Health and Safety issues that had not been addressed.
- Hired property management to oversee the onsite issues and prepare the units to be marketed.
- Developed and implemented a marketing strategy for the property.
- Protected and improved the value of the asset, secured it against vandalism, and addressed health and safety issues neglected by the HOA.
- Increased value with new leases, reduced operating expenses by 5%