need help closing $1.2mm deal

[Mike O.]

I’m wondering if anyone could give me a hand on a potential deal I have found. It is a 24 unit apartment complex that is broken up into a 12 Plex, 8 Plex and a 4 Plex. In the last couple years over $100,000 has been spent to re side all buildings,there’s brand new parking lots,new windows, new hot water heater’s,new paint and new carpet. I have heard plenty of creative stories to get deals done. Looking for advice from some veterans to get this done? The owner would like $1,200,000 and will carry a note for $1,000,000 - $1,100,000. he ideally wants $200,000 down. As with most new investors I do not have capital for that type of down payment. A liitle about myself: I work a regular 9-5 job and also have a realtors license I have done two wholesale deals in the last couple months since starting to devote a couple hours a night to investing. That said...my long-term goal is to make enough money on a monthly basis to replace my 9-to-5 W2 income I am open to any ideas that may be creative in getting this deal done whether be taking on a partner who has the down payment or maybe borrowing the money from a bank. I have also thought about a master lease option that would not require a down payment, but owner was not too excited about that structure. I have no experience putting together a partnership deal or a seller finance contract. Fully occupied 24 units - 12 studio apartments and 12 2 bed 1 bath $175,000 gross annual income Taxes $17,000 Insurance $7,500 Utilities $35,000 (the 8 plex and 4 plex are not metered seperately,the 12 plex is seperate meter). The owner has no debt and looking to retire in a few years. Any help or advice would be greatly appreciated, even if advisement is to pass on the deal?