It’s been a long time since I’ve been on here. In fact, It’s probably been since I met Lonnie, Terry, Ray, and many others in Atlanta several years ago. To the point, I recently sold my duplex in NC and moved to Myrtle Beach, SC. The real estate market here really took a beating with the recession since this whole economy was based on tourism. So, there were and are some fantastic deals, like the one I got on my home. I’ve caught the investing bug again and have been looking at several apartment buildings after getting David Lindahl’s books. There look to be some fantastic deals here and the ones I am looking at are from 8-18 units and in the $300k-$800k range. The few that I have looked at the actual numbers on have great NOI, cap rates around 12%, and are fully rented, telling me there is room to raise the rents in the near future. The economy and real estate market have finally started to recover here after being stagnant for a few years and prices are starting to rise. I would love to get at least one of these properties before the prices shoot back up. My question is what would be my possibilities to put this deal together with no money? Would any of these options work?
Finding a commercial lender that will allow the seller to make an equity contribution and take back a note for the 20-30% down payment
Finding an investor to loan the down payment or finance the entire purchase. How would I go about this and how would I appeal to them?
Bringing in partners. How would I find them and sell the investment?
Thank you very much for your advice and input in advance. I really appreciate the help and look forward to putting a deal together.
Myrtle Beach, SC