Seller financing on 6 unit apartment in PHX East Valley
Hey 👋 guys,
I'm currently under contract on a 6-unit apartment building in the East Valley of the Phoenix MSA and the seller's are willing to carry the debt with 18% down at 6% interest only for 12 months. This is a value-add play. I'm buying this building for the potential of what it can do in the future after I Implement my business plan and by maximizing the NOI thereby increasing the value of this asset and then going back to the bank to refinance to harvest out the equity that I put into it.
This is my first off-Market, seller-financed deal and I would love to hear your stories or any wisdom or advice that you can pass along as I go through this process That would not only benefit me but others contemplating to go the off market, seller financed route.