Updated over 10 years ago on . Most recent reply
My Son's baby sitter has a multi million dollar property for sale!!!
I know they were trying to sell this property over 10 years ago (my son is 13 now). I think a MLO is the way to go but I'm not sure. The area is a A-B neighborhood, based on a 10 cap the price seems reasonable (comes out to 7.6 cap as is), the rents are a little low for 2 and 3 bedrooms but the kitchens and baths need updating so there is room for forced appreciation. My problem is.... I have no money.
It seems from reading and my knowledge of intangible assets the benefits are many for them, such as depreciation offset, saving on commissions, stretching out the capital gain, earning a better return than the bank, a degree of control, etc. But I still have no money?
How do I make this even viable? Oh and I don't know a soul who has that kind of money, YET. HELP!!!
Most Popular Reply
In order to make a profit, you need to bring something to the table. Whether it be money, experience, management, or the deal itself.
If you can get a good enough deal on it, and convince someone with money that you have enough experience to manage a property like that, then it’s that easy.
If not, perhaps you could wholesale it and take a fee for matching the seller with the buyer.