Posted by CAguy on September 08, 2004 at 13:26:44:
Wow Samuel. Your first deal is as big as experienced investors deals.
This is very risky, unless your dad is experienced RE investor. I won’t touch it! Unless you are so wealthy that this is a drop in a bucket.
What market is this? Why do you like this deal?
RE: Apartment building financing - Posted by Samuel Addo
Posted by Samuel Addo on September 07, 2004 at 11:16:54:
I am new in the real estate business and my offer price of $4.2 million has been accepted by the seller. The seller’s original price was $4.5 million. The seller wants to know the source I will get financing and also he wants to know my background as an investor before he will work with me. This is my first deal and I have no background as an investor. I want to assume $3,268,000 the 1st morgage on the property. An associate advised me to get partners and I do not know how to get partners. Any advice how to finance this deal?
Re: RE: Apartment building financing - Posted by M. Martin
Posted by M. Martin on September 12, 2004 at 22:36:32:
Samuel,
You really should have most of what you are asking lined up before you contract a 4.2 million dollar deal. You say this is your first real estate deal but I am assuming you have generated some wealth in another business. You need to post the details on the deal to get any kind of advice. See the commercial board for examples of what others post. How did you develop your offer price of 4.2 million?
Re: RE: Apartment building financing - Posted by petey
Posted by petey on September 08, 2004 at 21:02:49:
Hey Sam:
You got some big kahunas there, wouldn’t you say? If this is your first deal, I’ll let it go beacsue if something goes wrong it may be your last deal.