Thanks for the link. Worse-- Pburgh. Some of these places are at the same price they were 25 years ago...
Yeah, he's in a tough spot as these are probably Section 8; which has upside as the rental income is guaranteed. Encumbering 50 individual homes is a huge PITA for the return. That's likely why the locals don't want to deal with it. If these were in Bryn Mawr it would be a different story. Also, there is the taint of "Slum Lord" even on these mort deals. Size is everything. If he had 500 of these even Blackstone would probably take interest.
Yes, very true. There's gotta be someone who can make this work-- he will be contacting Johnson this afternoon to see if anyone there can suggest another group. thanks!