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Updated about 15 years ago,
8-unit apartment deal ideas>?
I currently have under contract, an 8-unit apartment building with comps selling at $410,000.00. The seller has agreed to take a second position on $200k contingent with me being able to come up with the 200k in primary financing, for a total of 400k.. that said.. The seller is very interested in selling to me specifically (charm?) and is willing to take a second position all the way up to 90% of the purchase price, the thing is... I don't have 40 grand just sitting here ready to go! Does anyone have any creative ideas on the Down Payment or first position mortgage? This deal can change as the seller is really open to creativity on my behalf... I just don't have the capital at the moment..
I also posted in the "looking for funding" forum on this deal as it is now... but the deal can and will probably change more in my favor..
Dustin