Credits at closing - buying multi unit Property - Posted by Alan

Real Estate Investing Real Estate Financing
1

Posted by Amy on September 30, 2004 at 13:09:31:

Hi Alan,

I’m curious as to the background of this deal. Where is this building located? What is the current occupancy rate? What are the operating expenses? $1mm seems like a really good deal based on the numbers. Email me at ach325@yahoo.com and give me some more info. I am a mortgage consultant now, but I used to be an Analyst for a commercial mortgage company, so I’m pretty well-versed in valuing income producing properties. I’d like to see the financials and the background on this deal. As for financing, if you’d like to get a commercial loan, you’d have to prepare an executive summary, pretty much describing the project, financials, your background, etc. If you wanted to go to a hard money lender, you’d have to do the same. I could help you put something together if there really is a do-able deal here. Email me. ach325@yahoo.com

Amy Cheng, Mortgage Consultant

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Credits at closing - buying multi unit Property - Posted by Alan

Posted by Alan on September 21, 2004 at 11:18:30:

How does this work? If I buy a 100 unit building for 1,000,000 and the rents are $800 per month and their is one month tenant security deposits. I am puting 5% down

1,000,000
50,000

950,000 to be financed

Do I get 950,000 from the bank and plus get a credit or check for the security or a credit? How does this work?

What other credits do I get? Real Estate Taxes? How does that work?

What other credits are their?