Great deal, large complex, no money down HELP

Great deal, large complex, no money down HELP

Elizabeth BowerPro Member
Rental Property Investor · Summersville, WV · Member since 2018 · 22 posts · 7 votes

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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Drew SygitBusiness Member
Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
10mo

@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.

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  • Jaycee GreenePro Member
    Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 726 votes
    10mo
    Quote from @Elizabeth Bower:

    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? 

    Hi @Elizabeth Bower! You're probably going to need a JV partner with deep pockets.

    • Elizabeth BowerPro Member
      OP
      Rental Property Investor · Summersville, WV · Member since 2018 · 22 posts · 7 votes
      10mo

      @Jaycee Greene how does one go about finding one? What do I ask? I'm all about and open to sharing this opportunity and using it as a learning opportunity and a bonus of financial growth so that maybe I can buy another one somewhere else in the future after having experience with a mentor. 

    • Jaycee GreenePro Member
      Real Estate Consultant · St. Louis MSA · Member since 2024 · 3k+ posts · 726 votes
      10mo
      Quote from @Elizabeth Bower:

      @Jaycee Greene how does one go about finding one? What do I ask? I'm all about and open to sharing this opportunity and using it as a learning opportunity and a bonus of financial growth so that maybe I can buy another one somewhere else in the future after having experience with a mentor. 

      @Elizabeth Bower I recommend following the advice of @Drew Sygit and checking your inbox for my connection request. Good luck!

  • Drew SygitBusiness Member
    Property Manager · Royal Oak, MI · Member since 2012 · 12k+ posts · 9k+ votes
    10mo

    @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.

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