OfflineIs there a no money down technique to acquire a 70-property portfolio? It is being listed by a business broker.
Here's the quick facts:
Appraised value as of Mar. 1st: $3,928,000
Listed at: $2,500,000 (36% equity or 64% below market value) It was listed at 3.3 Mil
Mostly SFR/ a few land contracts
Gross Rent: $31,660 a month
(It is 70% rented out. Add another $10,000/month gross rent if fully rented.)
Located in Indianapolis and Anderson,IN and Toledo,Ohio.
A property manager is also in place.
As I've done some property tax research, I've found that the portfolio is owned by 2 llc's in Utah, quite aways away. I've also found that some if not all the properties have back taxes or at least some penalty taxes on them. I haven't looked up all the properties yet.
If I had the capital, I would take this portfolio, keep some as rentals, sell at retail others or with a lease option, and perhaps wholesale some. I live in Utah also and saw this listing in a local classified ad.
Would anyone like to be an equity partner? I know there's possibilities in this deal. They do have a bridge loan set up for a little over $1.1 Mill. I would need to bring $333,000 to the table in some form or another. I did give them proof of funds which is how I got the addresses.
I have no capital to bring to the table. I need some creative ideas. Thanks so much all you fabulous DGers!
I'm sure there's some ideas out there.
send me a pm. i just talked to a commercial lender about this very type of thing.
keep moving forward, rob
whether you think you can or you think you can't, you're right.- Henry Ford
keep moving forward, rob