Multi-unit properties bought no-money-down - Posted by Robert Hollander


#1

Posted by Carol on November 01, 1998 at 10:43:32:

We have similarly, though not so richly, done a couple where there was 100% financing with the bank carrying a 1st and the seller a second to total 100%. In one instance, our TOTAL OUT OF POCKET was $254, because of an error in the settlement statement… othrwise it would have been ZERO. I keep reminding myself that we are not buying property, but are buying circumstances, and whatever resolves the seller’s problem WORKS!
Carol


#2

Multi-unit properties bought no-money-down - Posted by Robert Hollander

Posted by Robert Hollander on October 22, 1998 at 20:24:49:

Has anyone used the no-money-down techniques to buy commerical rental property, i.e., 8 units or greater?

This has been my focus. The biggest problem I have is finding a willing lender, one who is comfortable with a purchase that is 100% financed. My usual approach is to have the bank lend 75% and the seller carry the rest.

The commercial bank that was so willing to lend 75% on my first purchase would only lend 65% on next one.

Does anyone have experience in this area?


#3

Re: Multi-unit properties bought no-money-down - Posted by Milt Tanzer

Posted by Milt Tanzer on October 29, 1998 at 13:24:53:

I have purchased a couple of apartment complexes with “No Money Down”. Details on how I put them together can be found on the “No Money Down” page of my web site: www.investmentre.com/nomoney.htm The second example, due to space, is not complete. E-mail me and I’ll be glad to send the complete details. Milt Tanzer


#4

YES!!! - Posted by PBoone

Posted by PBoone on October 25, 1998 at 09:45:30:

Robert,
I have to say yes to your statement. We just purchased a 10 unit W/ No money down. ours was like this
Assumable 1st
Assumable 2nd
Seller carry balance
Please let me clarify 1 thing, We did have to pay out of pocket the Assumption fees $3600.00 + 1/2 Closing cost of $1500.00, but the cash flow is $4500.00 per mo. so our ROI is recouped after the first month.
Pat


#5

Re: YES!!! - Posted by Robert Hollander

Posted by Robert Hollander on October 26, 1998 at 14:03:19:

That sounds very nice! The seller didn’t want cash in his pocket at closing? I have not been that lucky.