5 duplexes in a row off market deal

[Bryce Callihan]

I just ran across an off market deal for 5 duplex in a row (10 doors) here in Pensacola. This will be my first time out but i ran the numbers and they look great. Problem is the asking price is $1.3 mil, which is negotiable, so with 20% down and closing costs I would need about $270k and all I have is $100k. There has to be a way to make this happen. So im asking you fine folks for input and option . Any would be greatly appreciated.

[Nathan Gesner]

Quote from @Bryce Callihan:

I just ran across an off market deal for 5 duplex in a row (10 doors) here in Pensacola. This will be my first time out but i ran the numbers and they look great. Problem is the asking price is $1.3 mil, which is negotiable, so with 20% down and closing costs I would need about $270k and all I have is $100k. There has to be a way to make this happen. So im asking you fine folks for input and option . Any would be greatly appreciated.

1. Approach them with a seller-finance option. $100,000 down, 5% interest amortized for 30 years, balloon payment in five years. If the seller has no plans for the money, this gives them a big chunk to do something different with their life while avoiding taxation on $1.3 million, and it gives them steady income for the next five years before another big payday.

2. Partner with someone. Put this on paper to show the projected return, then pass it around to friends/family that may have money and the willingness to partner with you. You'll probably want to set up an LLC with members and a partnership agreement, so save some money to pay for the attorney.

Where there's a will, there's a way!