All Forum Posts by: Ousmane Camara

let's say a person has little experience or financials. If said person were to join an LLC by amending operating agreement to establish ownership or a decent amount of ownership of an LLC that has ownership of 393 units bought 20 years ago would the experience of that ownership be transferred to the member that has just joined? And if so can that person then go apply for a cash out refinance of those 393 units the property is free and clear without the personal guarantee of previous owners of that LLC immediately or does there need to be a seasoning period?

6 months seasoning form the time you were added to the LLC. If an LLC owns 393 units and you are just being added, they would also need to put a declaration in there that you are able to sign off on behalf of the LLC as well. Please reach out with any other questions.

Would I be able to do sooner with a sponsor ? And if so what would that sponsor ideally look like on paper to be able to do it sooner ?

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Hello Everyone,

I'm so glad that I have found this forum.Wanted to get some opinions and even network with some of you. I have a deal I'm working on two apartment complexes totaling 500 units. Current rents are 30 percent under market rents. Purchase price seller is asking is 106 million. NOI is 3.9 million. Seller is asking for 50 percent down payment and 5 percent interest only payment for 3 years. Wanted to know if any lenders would lend with a second position of 50 million plus? Or is it a better deal structure that would work to allow financing.

1 Vote

Fort Lauderdale, Florida

All Forum Posts by: Ousmane Camara

Ousmane Camara has started 2 posts and replied 3 times.

Post: Is a Cash Out refinance possible ?

Post: Is a Cash Out refinance possible ?

Post: Lenders that allow seller carry