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The Complete Guide to Buying and Selling Apartment Buildings Chapter 13-14

Chương 13 Bốn chiến lược rút lui hiệu quả Chương 14 Năm "chìa khóa" để tới thành công | CHAPTER 13 Great spirits have always found violent opposition from mediocrity. The latter cannot understand it when a man does not thoughtlessly submit to hereditary prejudices but honestly and courageously uses his intelligence. ALBERT EINSTEIN Four Effective Exit Strategies Y. ou have worked hard over the past 12 to 24 months implementing your entry and postentry strategies. You started by searching for and locating a property that met your specific needs. You then acquired the property using various closing and management techniques that enabled you to make the most efficient use of your available resources. You have since utilized the necessary tools to find ways to create value by enhancing revenues and reducing expenses. It is now time to capture as much of the newly created value from the property as possible in order to more fully employ the capital created by maximizing its leverage into a greater investment opportunity in another apartment building. Your exit strategy may include selling the property outright refinancing it bringing in an equity partner exchanging the property for a similar one or any combination of these. 233 THE COMPLETE GUIDE TO BUYING AND SELLING APARTMENT BUILDINGS Four Effective Exit Strategies 1. Outright sale. 2. Refinancing. 3. Equity partnership. 4. Exchange of properties. Outright Sale Perhaps the most common method of exiting a property is by disposing of it through an outright sale to another buyer. Selling your apartment complex outright has both advantages and disadvantages over the other exit strategies. One primary advantage of disposing of your property by selling it is that you are able to obtain full control of the gain at the time of sale. Remember your objective is to unlock the newly created value and leverage it into another opportunity. Selling allows you to do exactly that. Another advantage of selling versus the other exit strategies is that you are free from all legal liabilities and encumbrances imposed by the