Seemingly Sweet Deal - Posted by Precious

Posted by Precious on November 27, 1999 at 10:59:24:

Here is a deal that I am interested in although I have no experience. It seems like a sweet deal – the seller is even offering to connect the buyer with a hard money lender. How would some of you handle this if you saw this add? Is the rehab cost too much to handle for a first timer? How could I make this a no money down, no credit check deal? Do you all see too many pitfalls here? Any help at all would be greatly appreciated.
The Property:
96 (1,2 &3 BR units). Minority occupied in area in transition upwards. New homes in 150,000 range being built within 2 miles and homes in two million range within 3 miles. 5 sperate deeds would make good investor properties. A 5.6 million dollar mixed use development funded and going in 1000 feet from these properties. 46 of 96 are occupied bringing in 13-15,000/month gross income. Needs rehabbed @ $250,000 cost if you do your own contracting. 1997 appraisal for $1,460,000 completed. Appraised for taxes in 1997 at $1,000,000. $750,000 with some financing and can direct to hard money lender if requested.