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Updated over 11 years ago,

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Jean Bolger
Pro Member
  • Aurora, CO
1,303
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Great cash flow multifamily in receivership, sellers want cash only. How can I make this work?

Jean Bolger
Pro Member
  • Aurora, CO
Posted

I'm looking at a multifamily property that has been put in receivership. Asking price 400k, 14 duplexes on one piece of land, each unit 1 bd 1ba, current rents 10,400/mo, potential gross (all units rented at current rates)11,200. The property needs some work but nothing that can't be easily handled by the income. I talked to the receiver today and he says the seller has already refused 2 full price offers because they were dependent on financing and they ONLY want a cash buyer. (He says there is no reason why the property would not be financeable, this is just what they want) He indicated that a cash offer of 330k might seal the deal.
I am looking at this as a possible 1031 exchange replacement property. So now I'm interested in trying to do a cash deal and then get a loan on the property.
I will have roughly 130k from the exchange and can come up with another 100k of my own. What are my options for the other 100k?
I am sure there are a million angles I haven't looked at or thought of with this, please help!

  • Jean Bolger
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