Updated almost 10 years ago on . Most recent reply
362 Apartment Sell?
Hello,
I found a apartment complex that has a lot of issues, It has 52 units that was damaged during a fire, property has a lot of cosmetics issue, and property management issues.
They do have good cash flow, they are ask $11.8 mil for property. property is located is a good neighborhood. problem is i do not have good credit (575-615) and no money to put down. I looking for help on how to start this process. This will be my first deal attempt. But i believe that the property can be turn around and have a real positive cash flow. Any suggestion?
Most Popular Reply
Welcome to BiggerPockets, @Bernard Garcia. With a 52-unit property, your credit matters less than a single family or even small multi family. The lending institution will look at the numbers on the property to determine if it is a good investment.
Run the numbers to see if they make sense. Just because they are asking $11.8M doesn't mean it is worth $11.8M. There are a lot of stories on BP about asking price significantly over selling price. Is it bank-owned?
