10 Unit needing financing - Posted by Jolson (DE)

Posted by Robert on June 19, 1999 at 24:02:55:

Have you thought about creating an REC for the the total amount or more, set the closing up for 60-90 days then finding a discount buyer to buy the note for cash at the closing table. shop around, you may want to talk to a discount buyer before you structure the note so you can get top dollar for it. Make sure if you are using a realtor, put this in your offer,“buyer is to be present to give offer to seller.” You agent may not be able to explain this to the seller. hope this helps

10 Unit needing financing - Posted by Jolson (DE)

Posted by Jolson (DE) on June 10, 1999 at 22:04:43:

Hello all!
I’m trying to get financing on what I think is a monster deal. I already own a 2 and 4 unit so I think I have a grasp on cash flow and maintenance needs (I do all my own work).

10 units 3k month in rents
200 tx and ins and 200 for h20/sewer
appraised in 91 for 200 K , now 225K
selling for 165,000
very good shape and very nice area
fully rented w/ some long term tenants
I have 10K cash and little equity, can’t find a lender to base numbers on appraised value, would love 30 Yr. fixed but would do almost anything to get name on deed. Owner will not take a nickel on paper. Any ideas thoughts or other more than welcome. I have been trying to put this deal together for a month so I NEED HELP!!! Thanks James Olson