Anyone interested in real estate. Have an offer and i will be honest this is somewhat risky, but with risk is reward...need someone hands on.. update on the numbers and deal. 100% financing which is unheard of for 25 units consist of a 6 unit half occupied, 4 unit fully occupied and rest doubles and singles in lower class c areas in rochester. Need about 20k or so to close can possibly spilt. Collected rents of 9 to 10k currently with potential of 17k or so. Cons: Price points are tight, lower end areas,needs some turnovers,vacancy. Pros: value add,cashflow, no banks needed 100% financing and opportunity to grow with lender. We can partner and spilt expenses and income, i can handle turnovers and management. To seriously discuss or get more info let me know
The seller is offering 100% financing because there is no other way he can get out of this albatross he is stuck with.. He's hoping You will take over His problem.
I agree with Wayne Brooks. The fact that he is offering 100% financing is a huge red flag. I'm not saying that you shouldn't look into it, but do your do diligence.
Yes i agree thats why i stated this is risky, the situation is poor management and seller was over leveraged but lender agrees to take a loss and also finance to try and make something work. To buy into something like this with financing would need 20% down about 100k or more in this area. So getting an upfront break with plans to value add with better management and hands on turnovers. Thanks for the warning though
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