Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated almost 11 years ago on . Most recent reply

User Stats

126
Posts
50
Votes
Edward Briley
  • None
  • Virginia Beach, VA
50
Votes |
126
Posts

Reassignment Contract on Commercial Property

Edward Briley
  • None
  • Virginia Beach, VA
Posted

I have a contact that has a contract (reassigned) for part of a shopping center that they are holding and trying to sell for all cash.  I have got the cash to put down at least 25% of the purchase price.  The selling price is $170,000.  I may be able to get the property for a little less if I have proof of financing.  At present, with what I have been shown, is a rent roll that has no names and just a list of the addresses of the proprietors that add up to $2,850 a month.  I tried to get a proper rent roll, but seeing how the contract is reassigned it is impossible to get.  The property has an empty residential home that is on to the same property, that is not rented, and that should rent for at least $900 a month, also.  What is odd about the property is that the city has it accessed at only $192,000, however the plat shows the entire property they are trying to sell.   My home is accessed for more than that.  Any thinking person can see that the rent they are showing is more than reasonable.  Banks will not even look at the property, or at me, because the property does not have a proper rent-roll I can show. I have really basically given up on it, because things that look to good to be true, normally are not.   Anyone have any idea on how I can get this property financed?  

Loading replies...