Just Closed on a 6 unit apartment building in Las Vegas

[Anthony Clayton]

The owner wanted to do a seller carry for 200k with a 8.5% interest rate and Sale it for 300k.

After a month of the seller bluffing about all the buyers they had we finally got it done. Here are the details of final terms:

Sold for 100k Cash
Seller has 30% interest up to 300k (100% vacancy will be a 450k value)
No Monthly payments

Things I will do in the next month to get 100% full

I am going to evicting all tenents
Put about 50k of repairs and upgrades
Interview for a property management company

[Rich Weese]

I'm sorry Anthony, but I just have to reply. I was going to let it go, but this info is being read by a lot of newbies and they need to understand a couple things.
1.Units are going to be 100% vacant before they'll be 10%. (you said you're emptying them).
2. Your expenses will NOT be 27%.
3. Your NOI isn't close
4. Your reair estimate is a guess.
5. You have a partner with different goals

As I said. Prove me wrong. Come back and keep us posted. I've owned thousands of units and I stick to my original concerns. I'll try to not reply again, but your #'s are in question, imo.. Rich, just trying to keep it real.