Seller Financed a 120 unit apartment

[Todd Dexheimer]

We recently purchased a 120 unit value add apartment community and got the seller to finance. This was a distressed asset with 78% occupancy, needing over $500k in renovation. The option was to close with a bridge loan or to convince the seller to be the bank, saving us close to $350,000 in fees and interest. 

This deal was an off-market deal that my company put under contract and convinced the seller to finance a construction type loan. We syndicated the down payment and remaining renovation budget as well to make this deal what I think will end up to be a really solid investment. 

You can read more here: https://www.biggerpockets.com/blogs/10145/76815-se...

A few things that I took from this experience: 

1. Don't give up - ever!

2. Stay persistant

3. Be creative

4. Ask! Then convince and repeat #1-4