Morris Moinian, president of Fortuna Realty Group
From the New York December issue: Shopping for distressed buildings isn’t as easy as pointing and clicking
through a listing service — or is it? Investors who have picked up
projects that ran out of money before construction was complete or
simply couldn’t keep pace with their bank payments — read: distressed
assets — shared how-to advice with The Real Deal that contains a surprising amount of common sense.
Yes, the average real estate Joe might not be able to waltz into a
corner bank and demand to see what troubled notes it holds. Instead,
distress investing, like many high-level business propositions, seems to
require membership in a clubby circle. Still, picking up a half-built,
low-rise rental for a song may be in the realm of possibility. [more]