Updated 3 days ago on . Most recent reply
 
      
Great deal, large complex, no money down HELP
First off I think it's a great deal but I could use a large complex owners eyes to make sure I'm not missing anything. Secondly, There's no way I have enough money to put for down payment. How would one be able to do this?
Property Description: 100 & 97 unit complexes being sold together with no price listed. Was originally sold in 2016 for 2.2 million . Since then it's had a few million dollars of updates.
Unit rents range between 900 and 1050 and are below market rent.
Purchase Price: ??
Taxes: $40k annually
Potential Monthly Rent Roll: $160,000+
Projected Expenses:
Property Management Company 9% of monthly rent: $16,000
Monthly property maintenance, move-out & repair costs: $25,000
Projected PITIA: $39,000 monthly
Advertising, office supplies, etc: $5,000
Waste, pest services: $5,000
Legal fund: $5,000/ monthly
Monthly Projected Expenses: $95,000
Monthly Projected Rent Roll: $160,000
I'm sure I'm missing a lot. Help a girl out. I've got HR experience, flipping experience, small rental property experience and business management experience. Is this achievable? How would I even go about this without having money available for a down payment?
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- Property Manager
- Royal Oak, MI
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@Elizabeth Bower believe it or not, you probably have people with the necessary funds in your network - you've just never needed to ask them!
So, put together a snazzy presentation, you can now use AI to do it, and start asking people you know, who THEY KNOW that might be interested.
Even if you don't succeed on this one, keep at it and you will network your way to the funds for the next one.
- Drew Sygit
- [email protected]
- 248-209-6824
 
       



