All Forum Posts by: Shenes Benniefield Watson

@Mason Hickman

Thanks! 9% cap rate in Chicago isn’t uncommon... I’ve seen and sold mf w/ 9-10% cap rate here.

@Joseph Gozlan

Thanks. As FYI, I can put up 200k if a second lien holder required a down payment. You made a good point that I need to look into - I didn’t know that the first could “block” a second lien holder...

The DCR is good at 2.4.. which is why I felt it had enough leverage to finance the remaining balance and still make profit. Based on recent numbers, the portfolio has a Gross Income $871K, expenses 350k, NOI of $520k, and estimated debt services for a 5 mil loan is about 220k per year.

I might be out of my league but I strongly desire to purchase a large portfolio and thus retire my corporate career and focus solely on real estate. My background is a realtor/landlord and project manager by trade.

I have my eye on a 90 unit portfolio that is on the market for $5.4mil with an assumable loan balance of $3.6mil. This leaves a difference of ~1.8mil. I want to find a lender that will finance the balance, in the second mortgage position.

I’m a novice when it come to assumable mortgages and creative finance. Any pointers?

@Lisa Rispoli

I know this was ages ago, but I am curious - how did everything worked out for you?

@David Gore - How did it go? Were you able to secure the loan @10%? If so, do you mind sharing the lender? I would be interested.

How can I become a court appointed receiver in the state of Illinois? Is there a training or contact available?