Brewerton, NY · Member since 2016 · 33 posts · 5 votes
I want to buy a property that's $714,000. The cap rate is 10%. The apartment is 16 units. 134,500 gross and 75,250 ROI and It's located in NY.
How do I do this deal with no money out of my own pocket?
Ask the seller if he would be interested in carrying the mortgage. If the wants cash down, which he problably will, goto your local REIA and talk to cash investors. In exchange for cash down assure them their investment is backed by real estate. Offer then a return that will keep them coming back for more deals. Note: This works best with an experienced investor who has confidence in putting deals like this together. They know the area and the market in your area.
In order to put this deal together you must know the sellers "why". If he/she is getting older, bad tenants, managment intensive etc..... Know their why. Do focus so much on the property as much as the situation. If you can find out their why and get to know them and solve their problem you would be surprised at what you could accomplish