Posted by Robert on December 19, 1999 at 21:43:20:
I think the major issue here is cashflow. It doesn’t matter what the property next door sold for, the name of the game is cashflow. I’d start off with a cashflow analysis. Cash at closing, When the owner assigns the deposits and last months rents to you you should have cash at closing. Just remember that eventually they may have to be paid back in full. Phil Fernandez might give you some more good ideas, but thats my 2 cents.
Robert
Market Value for triplex, etc - Posted by Damali
Posted by Damali on December 19, 1999 at 19:31:53:
I am in a great city to buy real estate on the cheap. (fingers crossed, knock on wood) but, I am having trouble finding out the market value of a property before Imake an offer. i am looking at three properties on the same block. Two are owned by the same person and the other one is not, but they are basically the same type buildings. 5005 and 5007 are two 3 story row homes converted into 4 unit apts each. 5029 has two apts and fist floor was converted into doc offices. 5005/5007 asking price is $110,000 ($70,000 balance on mort.) only one unit is rented now. 5029 asking for $39,500. I have been in 5005/5007 and needs cosmetics. have not been in other building, but looks good from outside. I have been to city hall and have owners name and tax info. I have spoken to one lender who is talking 75% of market value mort. But, I want to walk away with some cash. What can I do to make a offer that will net me cash at closing. thanks