Posted by tom bridge on July 21, 2002 at 10:52:37:
Your cap rate seems strong and that may attract other investors. where is the property located and what is your experience in management like. i may be interested.
you should be able to buy low down with a partner, otherwise a family loan or seller note.
what is the property condition like? banks don’t like fixer apts from my experience…
best,
tom
Apt Building Financing - Posted by Mike Wick
Posted by Mike Wick on July 21, 2002 at 08:01:35:
I have found a 16 unit apt building that is for sale for 349K. The monthly rent income is 7500. I want to figure out how to buy without a large down. Any suggestions?
Re: Apt Building Financing - Posted by Clair-MO
Posted by Clair-MO on July 21, 2002 at 17:31:58:
Mike, I have bought several apartment complexes with nothing down. You can borrow from a HML for 65% and have the owners carry back a 2nd and insist that they pay the closing costs. Since you have created a 100% with nothing down. The owners can always discount their 2nd if they want their money. Remember this rule of thumb: “Everything in REInvesting is negotiable including how the offer is structured.”