Can this Multi-Unit be financed - Posted by Joe
Posted by Joe on March 23, 2000 at 14:24:42:
Maybe those of you with know how can tell me if this can be done and how.
I found an Apt Bldg 18 units through an agent ,the owner is asking $700,000.
I put together a cash flow analysis and came out with a positive $15,500 a year using the Sheets method.
The owner is motivated so he will finance under these terms:
$40,000 down cash,( he said it must be in cash)
Balance at 10% over 30yrs with a 3 year balloon.
Can I get a mortgage co. to finance the $40,000 so I can give him the cash he needs?
I do not know what it appraises at and I have not done the comps yet because I don’t know if I can get the $40k down.
Will a mortgage company finance something like this?
I found a motivated seller (this bldg is not on the market just someone the agent knew through another agent) how do I have him sell to me under these terms.
Hopefull someday I will have the knowledge that most of you do and I can help someone else.