Posted by brandoncbsre on June 18, 2008 at 06:08:11:
So you cant come up with $150k now…how will you come up with $210k in a year? Also, welcome to the site…please refrain from typing in all caps…we consider it to be rude.
10 UNIT BUILDING - Posted by tom matteo
Posted by tom matteo on June 17, 2008 at 19:08:05:
SELLER IS LOOKING TO SELL HIS BUILDING FOR 1.1M. HE SAYS I CAN HAVE THE EXISTING MTG ASSIGNED TO ME FROM WAMU. HE WANTS ABOUT 150K CASH AND WILL LET ME TAKE BACK THE REST IN A SELLER SECOND. WHERE CAN I FIND A PVT MONEY INVESTOR WILLING TO PUT UP THE 150K ? I WOULD BE WILLING TO PAY HIM 40% ON THE MONEY FOR 1 YR.
Re: 10 UNIT BUILDING - Posted by Walt
Posted by Walt on June 19, 2008 at 11:14:05:
The reality is that if anyone had $150k to invest in apartments, they would just buy this themselves and own it. I see nothing here that would make someone loan money to you.
Re: 10 UNIT BUILDING - Posted by Nate(DC)
Posted by Nate(DC) on June 18, 2008 at 18:37:57:
Get some real income and expense numbers and come back here to post HOW you can pay someone 40% in a year. That’s an unrealistically high return and it says to me that you probably are miscalculating something. No real lender/partner is going to get interested based on what you’ve posted; it sounds too unrealistic (which makes you look naive) and also lacks backup. All this will attract are vultures who have no intention of closing the deal with you but view you as an unsophisticated mark for them.
Don’t mean to be harsh, but just calling it as I see it.
Re: 10 UNIT BUILDING - Posted by brandoncbsre
Posted by brandoncbsre on June 18, 2008 at 07:26:30:
Be very skeptical of financing offers you recieve through this board. There are many scammers that poach here.
If anyone who says that are sure they can help you based on the limited information in your post…they are more than likely complete idiots or scammers.
Cmon now, you make no mention of your experience. Why would anyone put $150,000 in 3rd position when the buyer has no skin in the game. Post as much info as possible on your experience and as much info on the property as possible.
Also post this on the Real Estate Financing section here. Ed Garcia is the guy to talk to and he will not scam you.
Good Luck and Be Smart
Re: 10 UNIT BUILDING - Posted by John Broussard
Posted by John Broussard on June 18, 2008 at 06:40:50:
I am with Newbridge Investments and we deal with private & hardmoney lenders who may be interested in this deal. What state is the property in and what is the property worth?