Need Financing - Posted by Hugo Nieves

Posted by Ed Garcia on January 16, 2001 at 23:48:14:


I’m sorry to say that you don’t tell us anything about you, your credit, your circumstances, etc. There could be a lot of suggestions we may have if we had more information. Here are some basic questions I ask when working a deal.

Commerical list

We need more information before we can go any further with your deal.

(1) Describe The Units and the surrounding area?
(2) How old are the units?
(3) What’s the unit mix ( how many 1 br. 2 br etc)
(4) What’s the vacancy factor in the area?
(5) What is the gross income of the units?
(6) What is the vacancy of the units?
(7) What is the NOI?
(8) What are market rents in the area?
(9) Are there any other Units in the area for sale?
(10) If so at what Price?
(11) What are the going Cap rates in the area on multiple units?
(12) Have any other Units in the area recently sold?
(13) If so at what price?
(14) How much does the seller owe on the units?
(15) If there is a loan, is it assumable?
(16) Will the seller carry a second?
(17) Is there any differed maintenance?
(18) If so, estimated cost of maintenance?
(19) How’s your credit?

If you answer these questions, then I can answer yours, with a meaningful answer.
Otherwise, it’s just, What ifs? or hypothetical.

Ed Garcia

Need Financing - Posted by Hugo Nieves

Posted by Hugo Nieves on January 16, 2001 at 20:57:00:

I am currently looking at a 21 unit property listed for $480,000.00 and appraised for $600,000.00. The gross rents are $15,000.00/Month. I would like to get into this property for no money down. Any suggestions? I would also like to know if anyone out there knows of any lenders in the philadelphia area that do loans with no seasoning requirements on a property appraised for 180,000.00 and sale price of 130,000.00?