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Updated over 6 years ago, 09/03/2018
lending question; pro help
I am a small fry who has stumbled into a big deal for me, life changing. I cannot finance it on my own though. I make good money but this is company /firm size deal.
90 units on 53 properties in foreclosure due to a sudden rise in property value that made the property management company not be able to cover the tax liability. 50k a month revenue worth 8.9 million supposedly, but listed for 6.4 million.
The catch? The state just paid 1 billion to revitalize the area, hence the property value increase. There are a lot more particulars going on here that require professional help. I would love to make huge first step into a profitable investment like this. Even if its only a small % of the total with this kind of money I would be making a lot.
I just need some help. The owner will not release financials until I am backed by a lender or financed in some way. They claim it is a 100% occupancy rate and all 90 units are fully leased. I am inclined to believe him because it is one of the cheapest places in the city. I wouldn't even think of this as an investment if it weren't for the cities plans.
So someone help me with a step by step plan on how to make this happen with any avenue?