OUT OF STATE OWNER NEEDS 50,000…HELP - Posted by Anthony Henry
Posted by Anthony Henry on May 01, 2000 at 06:43:15:
OK Guys I need assistance with this one too.
I just got a call @ 7:00 this morning from a seller, who owns a commercial property its two apartments over a chinese restaurant. Guy lives in Utah. Property is on a busy intersection on Linden Blvd in Queens.
Had the property with an agent for 6 months he did nothing with it. So now the seller wants it sold. I know the area and the property is worth atleast 200K he want 165.
I proposed a lease option where I could cash him out in a 6 -12 months he was OK with that. The glicth he wants 50,000. Notice I said want. Eventually when I said what if I could get you the 50 in say 4-5 months he said I might consider it. I can see where his biggest problem is the long distance landlording and perhaps he does want some upfront cash but I think its more a want than a need for the 50,000.
He wants me make him some offers and he will counter me with his thoughts. Im trying to put that together now. I’m rushing ove rto the courthouse to obtain numbers on the property. But in the mean time lets say I cant get thim to come down from the 50,000. How do you guys propose I package the offers. I want to give him a cash offer, where by he gets his 50,000. And Id like to make him an offer for a long term lease where I could perhaps share the equity split with him,ummmm maybe not…lol but hey if it makes the deal work
Ohh the two apts rent for 600 way low if he is telling the truth. He said he could get 800(this is true for the market) but if he did he would have to justify it by sprucing up the joints. The tenants said no they would rather keep things how they are and continue paying 600.
The chinese restaurant is locked into a lease for 4 more yrs at 1,100/month they pay their own water and sewage.
Guys I want to put this deal together TODAY.
Assault me with your expertise…Thanks in advance
Anthony Henry - getting one step closer to the dream.