Seeking Investor/Partner For 10 Unit Complex
-Asking price 269,000; 475k to 500k potential after rent increases
-fully leased 10 unit apartment complex
- 9.5% cap rate
-being rented $150-$200 below market rent
-with 5 mile radius of military base and 2 major universities
I have been communication with the owner via email. He is requesting to close this deal in less than 30 days. I am to fax him a purchase contract this evening. My dilemma is obtaining the down payment and decent financing. Seeking investor to provide funding and split everything down the middle, i.e., monthly cash flow and profit when property is sold and/or refinanced.
SERIOUS INQUIRIES ONLY
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" I like to learn from the past and plan for the future by focusing exclusively on the present."
-Donald Trump
[ Edited by commercialking on Date 05/13/2007 ]
If I go stated, can the seller carry back account for 5% of the required 10% down that you require. Thereby, allowing me to come to the table with only 5% out of pocket?
Quote:
On 2007-05-09 21:24, MattJW wrote:
If you only have 10% down we can work from there and provide 90% financing (full doc) and if you need to go stated, we would allow a seller carryback 2nd. Please call or email if we can help.
Thanks
Matt Williams
Met-west Commercial Lender
503-516-5823
[addsig]
I have a program that allows you to do so and you only put down 5% please call me and I can get it done quickly without qualifying the building for debt service.
516-404-3268
Good luck on that 8%.
I cant get 8% stated on a SFR for an I/O loan these days.
Will you keep us updated on the financing you find?
Thanks, Brian
Are you still looking for a partner on this deal?