Seeking Advice on Structuring a 16 Unit Deal

[LaTonya Johnson]

I’m looking for help with structuring a deal for a 16 unit apt complex. The asking price is $399,000, and the property needs about $52,000 in repairs. The seller is willing to finance a portion of the deal with $100,000 down. The owner owes $435,000 to a private lender who is super flexible. I’m thinking of proposing a wraparound mortgage for $299,000 with a 7-8% interest. Any and all recommendations are requested. Not sure if the interest rate is reasonable.

[Patrice Penda]

@LaTonya Johnson
Am I ready this correctly?
The owner owes more on that complex than it is worth?
I am curious as to why that is. Do you know why?