84 Unit Complex- How would you structure the deal?
Good morning all,
I have a unique opportunity with an 84 unit complex in Atlanta. I received a call from one of owners of the complex. The group has owned the complex for 20+ years, and while they aren’t in a hurry to sell, I get the sense that if made the right offer, the would happily sell. The owners are willing to sit down and talk with me but only once I prove I’m a qualified buyer and can get the deal done.
Here’s where the problem comes I’ve never done a deal like this and I don’t have the capital for the down payment. I would like to bring on equity investors to raise the down payment. I was thinking of a 70/30 split. Does that seem fair? I will manage the property instead of outsourcing to a PM. The property is 15 minutes from my house. I’ve reached out to an SEC lawyer to see my options are here and if needed I have the funds to cover all SEC associated fees.
I understand all the odds are pretty much stacked against me but passing this deal off to another investor for a fee isn’t an option I’m considering right now. I’m looking for solutions to my problems to get the deal done.
All feedback is greatly appreciated.
Canesha