Updated about 9 years ago on . Most recent reply
multi family owner financing eal
Hi my name is Monique and I am currently a property manager. I have been in property management for the last 10 years and I have always wanted to purchase my own property. I ran across a deal and because I'm a newbie to investing I would like some feedback. It is a 102 unit property with 1,2 and 3 bedroom units, it is currently vacant and selling for $490k. The owner is offering owner financing and is willing to rehab 10 units to be rent ready. My questions are: If I were to do the owner financing what should I ask for as far as terms go? Because the property is in need of rehab I don't feel a down payment should be an option. My other question is where would I get the rehab money from? Should I try to do a 2 fold like a owner financing/repair allowance deal? Is that even something that can be done? I really like the property and I would love to be able to purchase it. Any advice would be helpful. Thank you