Posted by Clement on May 15, 2002 at 17:29:27:
One more thing…they want 350,000 down pmt. How can I creatively make this work with NO $$ down?
Seller Financed - 10 Units NYC - Posted by Clement
Posted by Clement on May 14, 2002 at 22:17:58:
Asking: $1,350,000
Owner is willing to hold note
Gross income:$144,492/yr or $12,041/month
Expenses: $18,000/yr or $1500/month
10 unit apts; 1 BR apt in all units.
The expenses do NOT look right. I would think total expenses figure would be much more. I will re-confirm with owner. With the current figures. I figure it’s overpriced by about $150,000 (Asking price multiply by 1%).
I’m looking to offer $1,100,000. Think this request is reasonable?
What terms should I suggest on this seller financed deal?
Rate? 30 yr amortized? How should I structure this note?
Any suggestions on doing a pure NO money down deal here? If owner is looking for me to cover his broker commission, how can I avoid paying that out of my pocket? and paying any closing costs too.
In one year’s time, if I go back to the seller and he agrees to sell the note for a discount to me, can I do this deal even though it’s my note and I also be acting as a broker for this deal (taking profit). Is this legal? and if so, what would you suggest on how to approach the terms?
Thank you for your input.
Re: Seller Financed - 10 Units NYC - Posted by Rudy Washington
Posted by Rudy Washington on May 27, 2002 at 21:22:18:
Would you consider selling the Note at closing and possibly get 70 to 75% of the appraissed value. And take back a second note,please e mail me and we will evalute the situation.