Posted by DavidV on November 18, 1998 at 19:52:45:
I am trying to buy this for myself. The seller is willing
to sell a note depending on how much cash he can
get (he wouldn’t give me the magic number). The property is located in Mississippi.
Posted by DavidV on November 18, 1998 at 19:52:45:
I am trying to buy this for myself. The seller is willing
to sell a note depending on how much cash he can
get (he wouldn’t give me the magic number). The property is located in Mississippi.
Commercial note gurus, would this work? - Posted by DavidV
Posted by DavidV on November 18, 1998 at 15:52:41:
I have met an investor wanting to cash out on several properties and move to Florida to retire(me in a couple
of years). He has a 4 strip shopping center free and clear
asking $295k. NOI for 97 was about 50k. Appears about the same so far this year. If it appraises at 430k or more would a note structured like this sell…300k(70%) @
10% interest only for 30 years, with a ballon due in 3 years.
He realizes he is selling under value but just wants out
and is a “tired” landlord. Also, what kind of a ballpark
discount would there be here?
I have called a few brokers but haven’t found any yet
that deals with commercial deals. If anyone knows of
any i would appreciate the help. Also any advice on
structuring the note would be great.
THANKX
Re: Commercial note gurus, would this work? - Posted by JohnBoy
Posted by JohnBoy on November 18, 1998 at 17:16:05:
Are you trying to buy this strip center for yourself? Are you saying the seller will create a note for $300k and discount that to sell it for cash? If your trying to buy this yourself and the seller is willing to discount that low I have a commercial lender that may be interested in just giving you the loan to purchase this. What state is it in?