3 Building Deal - Posted by Jones-GA

Posted by Brent_IL on January 23, 2001 at 20:31:41:

How small is a small second, and at what terms? What’s the NOI (gross-expenses)? More info is needed. $10,000 is too high simply to check it out. If, after due diligence, you want to go ahead, give him a note for $10,000 due at closing. While it’s true that the banks won?t be looking to you for repayment, they might want to know about your experience. Without the sellers help, this looks like a long shot.

3 Building Deal - Posted by Jones-GA

Posted by Jones-GA on January 23, 2001 at 14:42:44:

First of all I would like to thank everyone on this board for the wealth of knowledge I find it to be.

I need some advice!!! I have the opportunity to purchase 3 buildings (a total of 26 units). Here is the situation and my dilemma:

-Owner will only sell all buildings together
-2 Buildings are occupied(22 units)
-1 Building needs work, electrical,plumbing,the works(4 units)
-Fixed up appraisal 600K
-Asking price is 400K
-Can probably get it for 385K
-Owner willing to take a small second
-Owner wants 10K earnest money
-2000 Gross Income $84360

I see a deal somewhere in here. My problem is no money or credit. Any ideas on how I can make this work would be greatly appreciated.Thanks,