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Updated almost 7 years ago,

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4
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Lucy Tschappler
  • Peyton, CO
0
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4
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Cash buying an out-of-state multifamily?

Lucy Tschappler
  • Peyton, CO
Posted

After much searching I've found an out-of-state multi-family building that looks like a good buy.  I researched on Zillow and found a great agent with a great reputation and today she reached out for me to the seller's agent about the building and its status.  A summary of that conversation is that the building's in good shape and leased out completely, but the seller wants a cash buyer, which is why it's priced attractively.  Also mentioned was that it's very difficult to get in to see those units, and my agent surmised that the seller has had difficulties with banks before.  These two together seem like a red flag, or is this a typical appropriate attitude for a seller to take?  We have about half of the price of the building, but not the whole amount; we're also not excited about using all of our cash for purchasing, since we expected to put a percentage down on this one and be able to buy another building also.  Is there a creative way for us to finance this so that we can come in as "cash buyers"?  Should we even try?  Without seeing inside the units, I'm not sure how hard we should push on financing...

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