Posted by Rich-CA on January 28, 2008 at 17:56:42:
Ask this on the Commercial forum.
help! 1st commercial opportunity - Posted by Erik
Posted by Erik on January 28, 2008 at 08:41:19:
I need you CRE experts to let me know if I can pull some money out of this deal:
Commercial building in busy Las Vegas location near a golf course w/ 12 offices, 4000 sq. ft. Owner wants me to assume her promisary note of $3900 a month. She owes $675,000 and that’s all she wants. Similar office buildings in this location are going for 1 to 1.2 million. Her lot also has 21 parking spots which is more than any other in the area. The estimated repairs to the building are 60 to 80 thousand. Would this be a good wholesale deal? I am not looking to do a rehabber myself, but if these numbers check out would this be a good project? I was thinking I could Option the property for the balance owed ($675,000) and then assign the contract to a commercial investor for…?
Thanks for any help