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Westchester County Real Estate Forum
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Updated about 7 years ago on . Most recent reply

User Stats

91
Posts
34
Votes
Rome Wells
  • Stamford, CT
34
Votes |
91
Posts

Looking for a bit of advice

Rome Wells
  • Stamford, CT
Posted

Hi folks, I am relatively new in this forum, but trying to make the heads and tails of one particular deal in Westchester County.

The deal is 8 unit multi-family house, however... there appear to be abandoned building next to it, I am not entirely sure what that means... I have an idea of what that means but, it's hard to tell...  whether or not it's even abandoned at all or just looks like someone is simply trying to finish construction.

The neighboring possibly abandoned building is very close to the building that I am considering to purchase...  I am aware that there may be a downside.... to purchasing building... like that, but the cap rate is decent and the property math number wise appear to be somewhat normal. 

I can't find anything wrong with the building.  Yet at the same time, the building that is for sale... comes with hassle-free factor...to some degree.   The building is about 1.1 mil... seller offers to finance.  Appreciation of the city where the property is located seems to be somewhat ok...  However... I am trying to wrap my mind about the financing.  

Are there any local lenders in Westchester County who I can speak with numbers?  To see if I can qualify for the conventional loan in a combination of owner financing?

Also are there any other members on Bigger Pocket who faced a similar situation with the abandoned building next to the multifamily property.....  any advice from any wonderful folks in this forum?  

Thank you

Rome Wells

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