All Forum Posts by: Victor Peng

Not sure, I haven't reached out to lenders. I imagine I would have to go through bridge financing and refi out once stabilized if I can't assume the existing.

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Quote from @Robert Rixer:

You can only find the answer to the LLC purchase possibility by reading the loan docs. No one on here could definitively answer it.

I would be suspect of why the owner is so motivated. If it's external factors such as they need the money to do a bigger deal, or they're closing down their fund, or they're getting out of RE completely then fine. However with 75% occupancy, the motivation seems to be property related. In which case you need to ask yourself, do you know all the issues with this property and why do you think you could succeed in turning this property around where this operator has failed.

Understood. Owner inherited the property, terrible previous property manager who was taking advantage of her, she stated she would be unable to afford the property taxes.

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Is it common to use a buyer broker/agent when purchasing apartment buildings?

What are the typical terms when putting an LOI in your market? (EMD, Pre-Look, Money goes hard when, Days for due diligence, days to close, etc.)

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I came across a 20 unit apt in Houston, TX. The owner has a mortgage on it that is not assumable.

Is there a way to purchase the LLC that holds the building/mortgage or will that still trigger a due on sale clause? Or would I need to request to loan docs to confirm this?

The property is ~75% occupied, so it wouldn't qualify for agency programs.

The seller is extremely motivated and may even consider seller financing her equity. Are there any lending programs that allow for seller financing of the down payment in 2nd position?

This would be my first real apartment building, I only own a 4 unit. If I had to come up with the down payment, closing costs, etc. it would be tight, and I worry that I wouldn't have enough working capital.

Thank you for your help!

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I am a younger multifamily investor in Miami with 4 units looking to grow my portfolio. I was wondering if there were any larger multifamily investors investors in the area that would be able to answer a couple questions. Or if there are any meetups?

Much appreciated!

Thank you in advance!

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Miami, Florida

Is this doable?

If seller is working with an agent?

1 Vote

Miami, Florida

All Forum Posts by: Victor Peng

Victor Peng has started 5 posts and replied 7 times.

Post: Is there a better way to search the forums?

Post: Seller financing Down Payment of 20 Unit Apartment Building

Post: Seller financing Down Payment of 20 Unit Apartment Building

Post: Buyers Agent for Apartment Purchases and LOI Terms

Post: Seller financing Down Payment of 20 Unit Apartment Building

Post: Young Multifamily Investor in Miami looking to connect with others

Post: No license as a buyer, can I still get a 3% fee from the seller?