Seller Financed Motel-to-Apartment Rehab Assignment Avail
Dear fellow investors,
My brother and I have locked up a unique contract for a 47-unit Motel-to-Apartment rehab project in down town Salt Lake City, UT. The purchase price is 100% seller financed. The terms are as follows:
- $1,000,000 purchase price
- $25,000 down at closing
- Seller keeps current first mortgage in his name
- Seller defers remaining equity until rehab is complete
- Upon rehab completion partial cash out seller with refinance, the rest in a seller-carried 2nd mortgage for 5 years
My brother and I have completed 2 inspections of the property and have estimates for repairs at approx $300,000.
Similar buildings are valued at $1.75 to $2.0 million (depending on room types and rents).
Due to the number of projects we have going, we are wanting to assign this contract. Assignment Fee is negotiable.
Where should I post this to share this opportunity in the most appropriate way.
Let me know.
Thanks.
My brother and I have locked up a unique contract for a 47-unit Motel-to-Apartment rehab project in down town Salt Lake City, UT. The purchase price is 100% seller financed. The terms are as follows:
- $1,000,000 purchase price
- $25,000 down at closing
- Seller keeps current first mortgage in his name
- Seller defers remaining equity until rehab is complete
- Upon rehab completion partial cash out seller with refinance, the rest in a seller-carried 2nd mortgage for 5 years
My brother and I have completed 2 inspections of the property and have estimates for repairs at approx $300,000.
Similar buildings are valued at $1.75 to $2.0 million (depending on room types and rents).
Due to the number of projects we have going, we are wanting to assign this contract. Assignment Fee is negotiable.
Where should I post this to share this opportunity in the most appropriate way.
Let me know.
Thanks.
Comments(0)
In the Property Listing area. Go to My TCI > My Properties and add the property in there.
The Forums are strickly for questions and answers, not for property listings.