Trying again in the correct forum...24 Unit Stalled

[Thomas Hundtoft]

Hi All,

I am working on my third property and I bit off a big chunk to chew on. The owner is willing to take on a significant portion of the debt with a second position. I am having trouble finding a source of financing that will allow the second position. I have attached the worksheet for your viewing pleasure. I have read " Low or No money down" twice and seem to have run out of creativity. The sale price is 1.4M and the owner is willing to take on a second for .4M. I would be financing the 1.0 for a no money down situation. Am I smoking something here thinking I could get into a 24 unit deal for little or no money down? I ran the numbers with a 1.3 purchase price.

https://www.biggerpockets.com/...

Thomas Hundtoft, Property Manager