Poss First Multi Unit Deal Check It Out
I have found a 14 unit complex the owner is 90 years old and the property is in distress. I do not know exactly how to approach.
I am stretched financially and I would need help and I do not have partners. The rehab would be extensive but I am not afraid of a challenge. The main problem is that hard money lenders want to loan only the purchase money and not the rehab money. Here are the numbers
14/ 1 br apts that should rent 200-225 per mo or more with some extra work. The asking price is 75k but I think I can get the property for around 40. I am thinking of making an offer of full list with a large revamping allowance on the side.
The building is worth aprox 180k per tax records and I would say the fix up would take 50k
If anyone has any ideas they are welcome.
Since his age, is 90 you may want to make an offer for him to retire. Maybe buy him a house in Florida the payoff to be at refinancing or offer to put the money up for a nursing home every month for a set amount of time. Maybe a payment now and a payment to his relatives later. I would find out his intentions and then pay him off creatively, since you are strapped at the moment.
Sounds like a good deal,
Kyle[ Edited by KyleGatton on Date 04/23/2004 ]