The Art of Buying Unsold Co-Ops and Condo Packages – Myles Horn

Behind The Bricks

Finding success in the NYC real estate business requires being creative with where and how to add value. One market that requires this skill is the bulk purchase of unsold units in condominiums and co-ops. In essence, it’s about buying wholesale and selling retail, but it gets much more complicated from there... Today we sit down with Myles J. Horn, who has spent the last 35 years specializing in this part of the business. Myles has likely purchased more blocks of unsold condominiums and co ops than anyone active in the business today.

These "bulk purchase" opportunities can be attractive because investors can participate in the upside of ownership without actually having to manage it day to day. But it’s not as easy as it looks and it’s very capital intensive.

For listeners looking to dive into one of the more hidden corners of the industry, this episode is perfect. You can expect to find out the keys to analyzing new opportunities, why Myles has a 79-item due diligence checklist, and hear some jaw-dropping tenant stories. Additionally, we discuss navigating Co-op board politics, why he does his financial projections on the back of an envelope, and why--in deals--action is always better than inaction. I hope you take away as much as I did from this episode…

In this show, we discuss:

• How Myles' value add is a two pronged approach
• The pitfalls of differing personalities on the buildings' board of directors
• What to look for when analyzing new opportunities
• Why it is important to walk the neighborhood, observe the surroundings, and get a feel for the residents
• Why he would ask to see the garage before investing in a building
• For more information visit www.behindthebricks.com