8unit - Posted by anxious

Posted by anxious on December 04, 2000 at 15:30:51:

Hello Ed

I just came across what i beleive to be a great deal. A family friend who is ready to retire has an 8unit complex he wants to sell, it’s in great condition. He currently gets 3,600 a month from his tenants,but he hasn’t raised the rent in 5 years. His tenants are mostly elderly and cant wait to pay him his rent. I know I can increase the rent to 4,200 with no problem. Heres the good part he wants 250,000 but I’m sure it will appraise for 325,000 with no problem, how can I structure this deal to pull some
cash out and start investing while giving him his 250,000. He is willing to do something creative as long as he gets what he wants.