Posted by Lee on February 20, 1999 at 16:32:32:
Hi Jaime,
What is the gross monthly income of the complex?
Lee
First Big (to me) Offer Made - Posted by Jaime J. Raskulinecz
Posted by Jaime J. Raskulinecz on February 20, 1999 at 11:29:12:
Well, I’ve been talking about this property and finally have made an offer. I did some homework before, asked some other brokers and real estate attorneys the going cap rate etc in the town. I’m confident that my maximum buying price and terms will support the property.
Asking $600K with an existing $375K loan. 25 units.
My offer $505K, contingent upon me getting a $425K new 1st and sellers taking back the rest at 6%, 15 year amortization, 7 year balloon.
NOI looks to be over $70K before debt service.
Wish me luck!