Real estate brokers, investors, and leasing agents each, understandably, want to be promoting properties and deals under the best possible conditions. When a property or opportunity is not under the "best" conditions, do you continue?
It has always fascinated me how some people would move on while certain others would pursue the "problem" deal. There will likely be less competition, if a competitive situation exists. Some people and companies bring an expertise or skill set which is ideal toward potentially solving the problem or resolving the issues surrounding the potential deal.
If you have the expertise to overcome a specific challenge, you may be spending your time seeking that chance. The story about a company taking over a $450 million portfolio in New York City with the goal of overcoming 6,500 code violations and countless tenant problems is the most glaring example.The below linked article has the details.
From all accounts, the buyer has the financial resources to be able to make a success out of thousands of housing units. I'm sure many within the real estate community are questioning the deal. It is possible that ten years from now this could be ranked among the best deals ever. Or, it could start the downfall of one of the nation's largest real estate entities.
Executing the project takes plenty of precise planning, already based on thorough research which was convincing enough to pull the trigger and arrange for financing. With approximately $500 million involved, you had better believe there is solid research and planning. That planning could be done because of having people in place with the skill set to make the project happen. A situation for a real estate company to be "first in" on a significant long-term opportunity.
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