Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
Classifieds
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply

User Stats

31
Posts
13
Votes
Virgilio Mateo
  • San Francisco, CA
13
Votes |
31
Posts

32-UNIT APARMENT COMPLEX FOR SALE (CASH BUYER NEEDED)

Virgilio Mateo
  • San Francisco, CA
Posted

Hi BP Family, 

I have a 32-Unit Apartment Complex in Moss Point, Mississippi under contract. The funding for this property fell through last minute and I am searching for a person to help finance the deal to be a 50/50 partner. The contract with the owner states the closing date is on Monday 03/05/2018. 

Property Specifics: 

Purchase Price: $616,272.42 

Current Promissory Note balance: $291,272.42 ( 6% with no balloon payment, monthly interest and principle payment is $ 3,419.43)

Current Gross Monthly Income: $7400.00 

Current Monthly Expenses: $1941.00 

Current Monthly Net Income: $5549.00 

Currently 60% occupied 

All vacant units just need cosmetic repairs to be market ready 

Manager/Handyman and Bookkeeper lives on-site (compensation is a free unit) 

Estimated Vacant Unit Rehab Costs: $20K - $30K

Property Potential: 

Raise all rents to market rate ($500.00)

$500.00 x 32 units = $16,000.00 - $1941.00 = $14,059.00

Potential Monthly Net Income: $14,059.00

Terms and Conditions of the contract: 

- Property is under contract to close on 03/05/2018 

- Seller will receive $325,000 in certified funds

       - Seller will receive $265,000 at closing (03/05/2018) 

       - Seller will receive the remaining $60,000 6 months after closing date 

- Seller agrees to pay for 6 more monthly note payments to the Buyer ($3,419.43/mo) 

- Seller will be released full title rights of the property

- Buyer will receive full title rights of the property

- Buyer will take over the monthly note payments 6 months after the closing date

Location: 

- Located near major cities and the gulf coast, apartments are in HUGE demand !

 New Apartment complex was just built within 5 years and is located across the street of the property

- Market Rents are $ 500 for every 1 bedroom apartment in the area

- Water can also be separately metered, there are shutoffs for every apartment

- 2 acres property has room to build a laundromat or other service amenity there

- 4 Single Story Buildings with no stairs to climb. Long Term Social Security Tenants Reside here

Let me know if you are interested. This is a homerun deal that you don't want to miss out. This is my first apartment complex under contract and since I am still brand new in real estate investing, I don't have funding to put down. I know my experience as a Property Manager and an experienced investor like you will bring this property to it's full potential.
 

Thank you for your time. I am looking forward to doing business with you. 

Offering

Loading replies...