Creative Financing on 22 unit apartment complex.

[Lawrence Sudweeks]

Hi BiggerPockets heros.  A friend found a 22 apartment complex in Idaho where the owner is ready to retire. It is not on the market, and has signed an exclusive with my friend and given him 60 days to figure out financing.   He is asking $450,000 for the property.  The property brings in a Net Income of $4,500 a month after all expenses (not including mortgage). The rents have not changed in over 10 years, so those numbers should be a bit higher to reflect the value of the property. This number includes subtracting for management, repair costs, saving for major replacements, vacancy, taxes, etc.   This owner is willing to carry the note on the property with a $75,000 upfront payment. 

Standard financing is not available to my friend due to marks on his credit for medical bills etc.  

What are some creative ideas you have for making something like this work?  Thanks.

[Omar Ruiz]

You're already getting seller financing for less than 20% down! How much more creative do you want to get?