2 Q: Abandoned Cars And Cross Country Transactions
Ive found a 4 unit for sale in my area that Im definately interested in, saw about 6 months ago and thought I had missed out. Anyways, the seller is in Texas, how would this transaction work? He seems like an ebay amatuer which is aggravating but I want this building.
and this brings me to the abandoned cars, that are at least 5 at this building. Is it possible to get keys made for these and what would I have to go through to get titles in my name?
thanks
Nick
Check the local laws (start with the police or at the courthouse). Once the abandonment issue is cleared up, find out what it will take to transfer the titles, it may just be payment of taxes and registration. Once you have the title, that is when you go get keys made as the dealer will want to have proof of ownership.
Quote:
the abandoned cars, that are at least 5 at this building. Is it possible to get keys made for these and what would I have to go through to get titles in my name?
thanks
Nick
Something is wrong with your numbers here. Its not possible to have a DCR of 2.73 on a 9.5% cap rate unless you are borrowing money at 2.5%
As to retaining current ownership as managers its an interesting question. Why are they selling? Usually its either to get money out or to get rid of the management. Since rates are so low thant they can probably refinance to get money out you sorta have to assume that they are trying to get rid of the management. You may be offering an "incentive" that looks a lot more like a penalty.
Kevin,
Thank you for your repy...What you say makes perfect sense...
RdP
One further thought is that buildings with 4 or less units are easier to get financed. Larger buildings require commercial lending.
Regards,
Brad