All Forum Posts by: Account Closed

Wow, big shout out to MikeOH and J Scott. Thank you so much for your help. That 50% rule sounds like a solid rule, thanks for the info.

I will continue to do research before I even think about investing in a property.

I talked to the broker who is saying that there will be $1.9 Million attached to the property in debt to be taken over by the winner of the auction. That isn't even taking into account that the auction is starting at $300,000.

The property is only valued at $2 Million. Is this an easy dump?

Alright, I found a flyer for a property I was interetested in and I'm very confused on what this flyer means. Could someone help me understand it? It says that bidding on a property starts at $300,000 but then says there is 1.9Mil in assumable debt lower on the flyer. Does that mean the real price is basically 2.2Mil starting? Or what does that 1.9Mil in assumable debt mean? It's an apartment complex if that helps.

I thought that it meant the property comes with 1.9Mil in debt which would mean that the deal is no longer good because the cap is 2.2%.

I am searching to find out what the current actual value of the property is right now. I just wanted to add that I don't know that yet. They didn't include it in their listing.

I'm looking to get financing on a deal for an apartment complex in Texas. It's a 153 unit with 1.9mil in assumable debt and it's being auctioned beginning at $300,000. The gross monthly income is $61,000 for the apartment complex. It’s a class c but with approx. $350,000 in repair and upgrades the property could easily become a class B and thus increase the amount of rent per unit.

Could you guys give advice on what else I should be looking for and how I could secure financing in such short amount of time. The auction ends in two days. Thank you. I just found this today and am eager to buy. (I'm also currently working up detailed property info so I know if the deal is good. I'm a searcher in Illinois so I'm trying to pull resources to figure out everything about the property including current owner and mortgage)