Updated almost 16 years ago on . Most recent reply
Your thoughts please
First I would like to thank everyone for their advise: Now I'm asking again I'm presently talking with a broker about a 10/unit building. Their are 2 fellas that are co-trustees of the property, from what she told me they just want the property sold. The asking price is 1,449,000 it is loc in a good area from what she says the problem poor management and maintenance. Rents run 995/850 rental income pr/mon $ 8,970.00 but when I went through the financials I saw no roi.Here is what I have = annual inc. 107,640 Exp 2008= 40,987.00 gives you $ 66,653 not includeing I use 10% vac and maintenance and replacement+ management+ dept service.Now She hasen't gotten back to me yet but here is what I asked her: The purchase price when bought 1,980,000 sell price as of today 1,449,000 I offered to assume the loan seller is finding out if I can,she told me the balance is 965,000 with bad man/maint. My question to all of you should I move forward on this? and if I would what would I offer as getaway money what %.If I can't assume other would be lease/option. Any of your suggestions would be greatly appreciated. If I can assume the bank would have to work with me till I can turn the property around. That is enough rambling I thank all of you and have a great wk/nd !!