Beginning stages

[Orlando Jordan]

I have a seller that wants to sell there 167 unit apartment complex its 89% occupied has a 8% cap rate and it is located in a emerging market. The seller is asking 5.9million I got them to agreed price of 5.5 million it's worth 7.5 million. I don't have the earnest money to tie the deal up what should I do next? I think this is a great deal and I don't want to lose it what should I do to maybe get more time to find the resources to get the deal done  

[Jean Bolger]

You don't list any information on your profile, so I don't know how much prior investing experience you have, but I am assuming by the way you phrased your question (a lot of what you wrote there doesn't make much sense, frankly) that you have not invested in larger multifamily properties. If that's the case I think you need to slow down and get some education in commercial investing before you try to pull the trigger on a deal of that size. You can learn a lot by browsing/searching the forums here on BP. I also always suggest that anyone interested in multifamily read “Insider Secrets to Financing Your Real Estate Investments” by Frank Gallinelli, which is available on Amazon.com as either a kindle download or as a book. Good luck!