Updated about 8 years ago on . Most recent reply
How ToStucture This Deal?
6 unit apartment building is overvalued. All units need to be updated. Exterior needs update also. Rent roll, profit and loss statements and expense report are not trustworthy. All units 2bd/1ba with rent range 400-450 as is. Owner is open to financing but would like to hear my terms. I'm thinking 175k purchase with 20k down payment. 6% interest only payment for 5yrs amortized for 30yrs. Refinance when rehab is complete and rent is stabilized after 24-36 months. This is my first seller financing opportunity so I'm looking for advice on how to structure the deal. Thanks again for your feed back.