Posted by Christopher on November 28, 2004 at 18:07:50:
Well not really sure but complex sounds interesting? I always liked Dallas…if your interested send me some info about the complex
how much could i get on a note? - Posted by john
Posted by john on November 18, 2004 at 07:31:36:
I have a 1st lien note on a run down apt complex w/ 70 units. The note terms are: $1M, 30 yrs, 10%. Complex is worth $1M.
Has potential to net $290k net per year w/$300k repairs.
How much should I be able to sell the note for?
Re: how much could i get on a note? - Posted by Tom - FL
Posted by Tom - FL on January 02, 2005 at 17:59:53:
I buy notes like this nationwide. I have several institutional buyers that have billions of dollars if I can not purchase it myself and I could give you a no obligation quote if you call me. I need more information. E-mail if your interested and I will send my contact info.
Tom
Re: how much could i get on a note? - Posted by Mike W
Posted by Mike W on November 18, 2004 at 16:39:39:
Just a few questions before I begin;
Where is it located?
When will the note be created?
What position is the note? First or Second or . . . ?
No payment history, right?
Who is the payor? credit?
Does the payor have actual equity in the property? NO,
1MM note secured with 1MM property.
Are you the actual owner of the note? or the payor?
How much do you need? When do you need it?
Why are you selling a nice note like this?
Hmmm, security for the note is maybe 1MM. Property needs work ($300k) probably vacant or mostly vacant.
No history, unknown payor with ??? credit. Did I miss anything?
Potential net? Lets say it assumes gross of 2X net. 600k gross revenues less 50 percent mgmt/expenses/vacancy/etc. leaves 300k net. What about management? Any experience there?
600k gross and selling for only 1MM? thats less than 2X potential gross.
Need quite a bit more info to put this together so it closes.
Go after it.
Re: how much could i get on a note? - Posted by john
Posted by john on November 19, 2004 at 07:52:18:
It?s in s. dallas, tx near fair park (a bad, black neighborhood). Note created 1 year ago w/ no pmts made. Owner was out of state and didn?t do anything w/ property. 1st lien. No actual equity from payor. I?m the owner of note. No hurry in cashing out, I may fix up myself and rent but just looking at options.
It?s actually 66 units that rent for $600/month w/ bills paid. There is a mgr on duty but she?s not very good. Property is vacant.
What do you think the note would sell for? How much would the property sell for as is? How about fixed up?
Thanks.