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Updated about 17 years ago,

User Stats

16
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9
Votes

can I assign this

Daniel Etheridge
Posted

i have been offered a property. it is a $5million dollar property. Two investors did there research and homework and were about to break ground on a new condo project. One investor had personal problems and had to back out. Here is where I come in. I am in a group of investors and I personally was offered the property . I am not sure my private lenders are going to step up to the plate. The numbers work. They have money tied up and I don't know if I can wait on them, but without them I cannot do this.the seller has been calling me everyday asking if I can do the deal. They are desperate to get started. I should of started in April. Is there any legal issues knowing that I can't afford the property without my partners and signing the contract anyway. Including the initial purchase price the total investment would be 23 million. The NOI is $10.2-10.8 millioin. With an IRR of 39.9 over 3 years.
Here is my question. Should I just go ahead and get the property under contract and then assign it to someone else. And if so how big of an assignment fee do you charge on figures like this and where can I find someone that I could assign this to? Can you double close commercial deals. How? I have all the figures , hard and soft cost, marketing research and builder. The project can be ready to go in 30 days.
Any help would be greatly appreciated. thanks
daniel

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