Creative investing on 26 units

[Thomas Handy]

My goal has always been to commercial real estate and I think I found a way but need some assistance (analyzing deal and maybe partner(s)).

My realtor gave me the following information on 26 condos selling for $2,990,000.

14 1 bdr - $700-800
8 2 bdr - $900-1100
4 3 bdr - $1250
26 parking spaces
brick building with central air
20-30 years old

HOA paid by tenant - water, sewer, grounds keeping, insurance, management, outside electricity, cable, pest control and pool
rent came out to $22,875/month - 96% occupancy but the condos are 100% occupied
sq feet 26348

The seller is asking for 20% down but is willing to work something ~ creative financing.

First is this a good?
Second how do I make an offer - I don't have 20% and will have trouble getting a down payment at 20% on $3 million.
Third would someone want to partner?

Tom

[Jon Klaus]

A very quick acid test is monthly rent to purchase ratio. .00765. That's under 1%. For condos. No deal. That's why the seller is offering financing, most likely.