Thanks,Drew

Thank you @Drew Sygit!

Drew

Quote from @Stephen E Drew: Quote from @Chris Seveney: @Stephen E DrewTaxes will need to be paid but also the days of 70% of value are long gone.

Thanks, @Sean Sloop and @Drew Sygit! 

If you are a total newbie (meaning you haven't come from an adjacent industry with lots of exposure into the processes, like commercial lending, appraising, GC, etc) and your parents weren't large apartment complex owners or operators, I would run from this deal UNLESS there was another general partner who DOES have a track record.However, if you pitched aa 150 unit building in NY to me and showed me the duplex you bought to start out and how that led you to buy aa 8-plex, then a 50-plex, and since that and the 120-unit you bought are stabilized and cashflowing so well you thought it was time to take down the next one then I'd be WAY more apt to listen to the deal and take the underwriting claims seriously.The thing that is lacking if you have no experience and start quarterbacking these big deals is credibility.You can get credibility in at least two ways;  earn it or buy it.  

Quote from @Drew Sygit: @Andy Sabisch recommend you review your nonpayment process and update as needed.Our lease states rent due on 1st, we have a 5 day grace period and then EVERYONE with a past due rent balance gets an eviction notice.

As of today, I know only slightly more than nothing, so this blog won't include any advice on tricky ways to raise capital or get a subject-to deal (whatever that is) or get a carry-back or a throw-back or a quarter-back or any other back.

Hey @Drew Gilmore The attractiveness of those terms really depends on your situation.  

We put it into escrow.Our son drew up house plans, and did a rendering for a house to be built, and I put it on Postlets.