Collateral Foreclosure Damage for Condo Owners.

I thank Augie Scampone for sharing this NY Times article with me. It's a very good article. It reveals all of the problems condo owners are now facing due to the foreclosure of their neighbors units.

I mentioned at the last meeting that I am working with the Veterans Housing Initiative (VHI) to find housing for disabled vets. The idea is to help provide housing for our disabled vets for the months prior to their discharge and for the next two years while they continue to receive treatment. An ideal place would be close to the Naval & VA Hospitals in Balboa Park as well as convenient to transportation.

This is a niche that is currently neglected; especially for non-married personnel. After discharge, the Veterans Administration evaluates every case in regard to the disability & how much of a monthly entitlement the vet will receive. This takes months, the vet doesn't receive ANY MONEY & sometimes the vets are forced to the streets as homeless!!!

We have currently placed four vets in the Smart Corner condominium project downtown. This has been ideal since a trolley stop is literaly right outside the building and is less than a mile from the hospitals. We are attempting to purchase ten units. I'll keep you abreast of developments... I'm not optimistic because I think their current prices are TOO HIGH! It's time to be creative; let's see if they go for it. If nothing else, it would give the Smart Corner project and our VHI great publicity!

Here's my answer to Augies email:

Thanks Augie. I've known about this consequence all along. I even brought it up to the donors. The idea is to help the disabled vets immediately. The vets are in dismal psychological conditions in their barracks with other disabled vets with the resultant depression & remorse. We've placed four vets in rented condos and have integrated them back into society with amazing results!

That's why I'm looking for condo projects of 10-50 units in foreclosure & perhaps unfinished. We would then control the project. I would put most likely put an investor into the project & have them rehab or remodel the project (there is grant money available). I would then have the military personnel to rent the units & have a foundation on the back side to sell the project to. Win-Win-Win.

Thank yous to Augie & Seth for their encouragement & help.

I wish you... Invest Intelligently!!!
Collateral_Damage_for_Condos_Owners.pdf