Advice, Please...
I am interested in a 24 units appartment building (3 buildings of 8 units each). The asking price is $689,000; but I believe I can get if for around $600,000.
Between a home equity mortgage, some stock sale and my saving account, I can come up with about $80,000 in cash. The problem is that the bank wants at least 20% down and the property owner is not willing to carry back anything....Any idea anyone?????
If your credit is excellent you might be able to come up with a 90% ltv lender for a deal like this. Whats the cap rate on the buy at $600,000?
You could also bring in a minority partner for the other $40,000.
Theres also something like negotiating a $600,000 contract, get the seller to agree to increase theprice to $640K and give you back a $40,000 repair credit.
[ Edited by commercialking on Date 09/11/2004 ]
If your lender is ok with it, you could get the seller to take back 10% also or he could be the equity partner.