All Forum Posts by: Taylor Dalton

@Andrew Schrader thank you much appreciated!

I have a 10 unit apartment complex that I am looking at and this would be my first time looking at a deal of this size. I have already started talking to the bank for financing and am working on syndicating the down payment. The bank is asking for some basic information on the property but the seller is very casual with his financial statements. Seller is claiming not to have any P&L statements or even rent rolls because they don't claim all the units due to cash payers. Seller told me what he makes per unit and told me to "write something up" and he would sign off on it. 

Question 1: Is this okay to do as long as the numbers are accurate?

Question 2: Will the bank be okay with this/should I even inform them?

Question 3: What other due diligence should I be looking to do or resources to dive into understanding and evaluating apartment dealings?

Thanks in advance,

Taylor Dalton

Investment Info:

Single-family residence other investment.

Purchase price: $43,000
Sale price: $95,000

House hack turned live in flip.

What made you interested in investing in this type of deal?

Opportunistic deal that presented before I was ready but could not pass up.

How did you find this deal and how did you negotiate it?

Personal connection to the family....dumb luck

How did you finance this deal?

Creative personal family financing

How did you add value to the deal?

Cap ex improvement

Lessons learned? Challenges?

Learned where to add value and where not. I also learned a lot about eliminating emotions from the deal.