Involved In Real Estate · Evergreen Park, IL · Member since 2014 · 24 posts · 3 votes
Hello BP,
My name is Ben Oki and I am apart of Cavanaugh Real Estate Group. Me and my partner were approach by a older couple (family friend) about buying one of their apartment complexes. As they are looking to cut down their portfolio. The problem is that our funds are tied up in other assets currently and we are relatively new to the area, so I'm not sure if a PL is feasible. So I have a few questions the ultra knowledgeable nation of BP.
1. Is this a good situation to use a MLO
2. If so, how should we structure/present the offer to them.
3. What could be other strategies we could use to acquire this property.
Again this a very good family friend of ours and we would really like to get this under contract. I truly appreciate all of the replies.
P.S. Our management skills are exceptional, so we are extremely confident that we will increase the NOI.
on my blog on bigger pockets I discuss master lease options and it's my advice on apartment buildings to use of CCIM broker and commercial real estate attorney
Im closing a 12 unit complex Tuesday with a no cash down land contract. I am giving the sellers a $30k blanket note secured by the equity in 3 duplexes I currently own. This may be a easy way to structure your deal, especially since you already have a good rapport with the sellers. Feel free to PM or post here if you have questions you feel I could answer. I've done a bunch of these types of deals.