Posted by Cassie on August 03, 2003 at 16:30:44:
will send you an email with executive summary
however I tried the email address in the post but it didn’t work. If you have another please let me know
Refinancing Multifamily Land Contract - Posted by Cassie
Posted by Cassie on July 30, 2003 at 13:43:48:
Does anyone know where I can get a land contract refinanced for a 9 unit apartment house. Also does anyone know who would finance 1.5mil for the downpayment on a 184 unit complex. I have seller financing aranged for the balance but they want 20% down which comes out to about 1.5mil. I am looking for hard or private money. But no luck so far.
Thanks to all. And good luck on your projects.
Re: Refinancing Multifamily Land Contract - Posted by Lisa
Posted by Lisa on August 02, 2003 at 23:37:51:
i may have an investor for you. Is this one or multiple buildings? and in what state is the property located?
Re: Refinancing Multifamily Land Contract - Posted by Cassie
Posted by Cassie on August 02, 2003 at 22:13:07:
Thanks Les, of course one of my problems is that I can’t quality for that kind of money (at least not conventionally) I’m interested in taking the sellers financing because he has 1400 units to sell and willing to sell to me because I am a seasoned investor.
I have been investing for 17 years and can do maintenance and fix up myself. Ideally I am looking for a partner with about 1.5mil to invest for 50/50 split. I’ll be the manageing and operating partner and they can be a silent partner (if they like) there is 55k to 60k per month net to split.
Re: Refinancing Multifamily Land Contract - Posted by Don Dion
Posted by Don Dion on August 01, 2003 at 24:40:17:
Why not go to a lender that will do 80% first long term money. That allows the seller to carry a second up to a total of 95%LTC
Re: Refinancing Multifamily Land Contract - Posted by Abe
Posted by Abe on July 30, 2003 at 23:03:51:
Where is the property located?
Re: Refinancing Multifamily Land Contract - Posted by James Strange
Posted by James Strange on July 30, 2003 at 18:17:09:
Hard Money lenders want to be in the first position. And on deals of this size the also want you to have some cash in the deal.
So is the seller willing to be in second position? And what are you putting in?
James Strange
Re: Refinancing Multifamily Land Contract - Posted by Lisa
Posted by Lisa on August 02, 2003 at 23:54:13:
Whats the appraised value?
Re: Refinancing Multifamily Land Contract - Posted by Cassie
Posted by Cassie on August 02, 2003 at 23:52:22:
Lisa if you are talking about the 9 unit. It is 1 building and it is located in Nebraska. Thanks Cassie
Re: Refinancing Multifamily Land Contract - Posted by Cassie
Posted by Cassie on August 02, 2003 at 23:50:34:
Lisa, this is a 184 townhome apartment complex consisting of 20 buildings, all 2 bedrooms, clubhouse and swimming pool. It is located in Iowa. Thanks Cassie. Please feel free to email me a c100a@hotmail.com
Re: Refinancing Multifamily Land Contract - Posted by Cassie
Posted by Cassie on July 30, 2003 at 20:01:28:
James, no the seller wants 1st, but he is holding 4.5mil and I have a partner with cash so what i can’t borrow I’ll put up. I am also looking for private money because I am willing to share the profits net after absolutely everthing is 52k per month. So I as flexible but would like to borrow as much as possible becasue deals of this size need working capital so I am trying to hold to that.
Re: Refinancing Multifamily Land Contract - Posted by Lisa
Posted by Lisa on August 03, 2003 at 24:18:54:
How much is the property appraised for?
Re: Refinancing Multifamily Land Contract - Posted by Cassie
Posted by Cassie on August 03, 2003 at 12:03:26:
Lisa, I need to know which property you are talking about the 9 unit or the 184 unit. Then I can give you more detailed info. Thanks.
Re: Refinancing Multifamily Land Contract - Posted by lisa
Posted by lisa on August 03, 2003 at 12:55:58:
IM talking about the 184 units.