Possible Deal Please Assist
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.
[ Edited by kensinvest on Date 04/22/2004 ]
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