OfflineI am trying to buy a 16 unit apartment complex and the seller is asking $690,000.00 and he is willing to finance $600,000.00 but he is asking for the $90,000.00 up front. The property cashflows great and is 100% occupied and has been for over a year, it has stayed 95% occupied over the last 5 years! Great property, great opportunity but I can't figure out how to get the up front money for the deal! Any suggestions will be greatly helpful!
Thank you,
Bryan Smith
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you might look into finding someone that buys notes. if this helps let me know. i dont know a whole lot about it but if you could get someone that buys notes have them buy the note for 90000 then that way you could possibly have all the money you need. like i said i dont know exactly how it works but i am looking into that myself. so please let me know . just search online for note buyers. also there is one that i have seen on this site. i dont remember her name but you could probably find in the search above
hope this helps. let me know
GOD CAN DO AMAZING THINGS WITH THOSE THAT ARE WILLING TO LET HIM HELP
You could find a partner to have a percentage of ownership (and profit) until you can pay them back.
Congrats on the find! What are the seller's terms? If there is a balloon payment due in a number of years, that may be a good time to pay off the partner with the refi. Good luck with the deal!
Rina
"Obstacles can slow you down, but they can only stop you with your permission." Dean Graziosi (BARM pg 101)
"For I know the plans I have for you," declares the Lord, "plans to prosper you and not to harm you, plans to give you hope and a future." Jeremiah 29:11
For a little about me, welcome to the site, and a few tips for new DG family members, click on this link: http://www.deangraziosi.com/user/3249
What is the 90,000.00 for? You say upfront money but when does it need to be applied? At closing I assume. What is the property worth? How much is in escrow for deposits? What is the gross rent owed to you if you close at the end of the month. Does the seller own the property free and clear?
Each of these questions creates the potential for the way to get the 90,000.00. One last thing, get it in writing and flip your position.
Steve
Do you mean the down payment and his going to carry
the rest. Go to a investment club meeting present your deal to an
investor tell him that you have a 16unit apartment show him
all the numbers (cash flow, P&L statements)
And tell that your looking for a partner to provide 90k for a certain percentage And that youll do all the work. (A money partner)
But have all your number ready and make sure they are accurate
Thanks DG family I enjoy reading your post, I get alot out of them, A good way to pick up on things I am not aware of. Just simply thanks to all you.
If you still need help pm me and I will give you information that cn help yo with your purchase. I am a realtor and I belong to a local REI group. I have a few sources that deal with your particular situation. I'm happy to assist. have a great day and good luck.