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Updated over 5 years ago, 06/14/2019

User Stats

12
Posts
5
Votes
Gary McDaniel
  • Atlanta, GA
5
Votes |
12
Posts

Need help financing a 20 unit property

Gary McDaniel
  • Atlanta, GA
Posted

Hey Guys,

I'm needing a little help in structuring a deal/financial advice. So I'm negotiating a 20 unit property for sale for 300K. Needs quite a bit of work, but it is currently partially rented out, so it is cash flowing a bit. The owner wants a 30 day close with $10K EMD down and 7 day due diligence. The owner doesn't want to do a blanket purchase, but to sell each building individually (there are 4). Owner also said he would possibly finance with $190K down. My HML said that they would finance the purchased and rehab, but I would need to put down 20%. I dont have the 20% personally. The HML also said if doing the possible owner finance that they would have to have the first and only lien on the property. This is my first purchase so I want to make sure that I don't over extend, however it seems like a really good deal.

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