Newbie found a $4million deal - yes/no?

[Account Closed]

I found a 57 unit $4mil property in default, as a newbie should I. I have read all the particulars, analyzed and analyzed. I figure I can get investors to hold the $4mil for 4 years and I sweeten the pot somehow. All of the buildings are very nice and in a good upscale area. Rent is not cheap. It seems the owner tried doing things he should not have and got in a little trouble. The property is more than $4mil it's only in default for the $4mil. it's more of a $8mil property. I have been studying and learning since December 28th, my daughter says I should start small. Am I shooting to big or not? I have a couple of people in mind to bring aboard to help my Dream Team. At 55, an army vet I don't have fear of the unknown, at the same time I want to know what others think. I am sure I am not the only one who had a very large first deal. I do have another smaller one, but for some reason that seems like it is harder to get anyone to invest in. Ahh haa, the higher the risk the greater the reward. Please give me your thoughts. Thank you.

[Mary M.]

I will be the naysayer - I am a bit doubtful that you have found what you say.  If it is an 8M property defaulting 4M why would the lenders and owners  allow it to be sold that short?? That is a huge loss of money and people dont give away 4m 

IMO there is a lot more to this story and the info provided tells us not much. 

Commercial lending is very different than residential. The big boys want real money, real experience etc. 

You have not said anything about the financials which is how it is valued. 

Anyway, suggest you find a good commercial agent to help you as there is a lot to lose and also a lot to win.