Apartments for Cheap

Questions and Answers

Your Questions About Hud Apartments For Sale

February 28, 2012

David asks…

Any Apartment complexes for sale?

I am a Real Estate Broker with clients willing and ready to purchase an apartment building, preferably a building that is already operating on section 8 or section 42 (Hud Property) or both. Do you guys know anyone ready to sell?
The buyers are willing to purchase anywhere. The price range is 2.5 million and below.

Administrator answers:

Hi,

Go to: (www.loopnet.com ) this site has listings of commercial properties across the US and it’s free to register.

Good Luck

Steven asks…

How can I find out if my apartment complex is going to become HUD Section 8 housing?

Two years ago, we bought a condo in a complex that was flipped from apartments to town homes. This is an an area of town that was undergoing a re-vitalization. We are bordered by two nice apartment complexes, but also two section 8 neighborhoods (that are quite bad). The developer told us that the other complexes were going to flip into condos and that the section 8 neighborhoods were going to be relocated and homes built on that land.

Since the market has flopped, about half of our units are for sale and another quarter are in foreclosure. With the recession, the whole re-vitalization scheme has been halted. The section 8 neighborhoods are worse than ever; and we just found out that one of the nice complexes next door that was going to be flipped is now actually turning section 8. We’ve started hearing rumors that our complex is going to be designated section 8 as well.

How can I find out if these rumors are true? who would I talk to for a straight answer?
Forgot to say – our Homeowner’s Association Manager is completely untrustworthy. I can’t ask them and expect an honest answer. Really stuck here… isn’t this sort of thing made public ?

Administrator answers:

Your manager/landlord would be the only one who would know that.. Section 8 might but it’s unlikely..

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