My properties lost over 50% of the high market value.  

The reason why we do REI to have more control of our financial future, maximize gains, and minimize risk. 

Remember you don't have to own a property to control it.

Remember you don't have to own a property to control it.

Any alternative will cost you more in the long run (lawyer fee's, lost rent, tenant from hell).

Many investors lost their buildings a few years ago when oil spiked and they couldn't afford it.  

The seller does have control over the details of the owner financing, and since the risk is primarily on this end of the contract, the seller should request a substantial (usually 10%) down payment.

Many an investor has lost a LOT of money buying only for that reason.

This building sold in 2013 for 1.66mill.AS PER PROFORMAAsking Price = $3,400,000                                                                                                      GAI = $163,494                                                                                                                                   Expenses (ESTIMATED) = $44,391                                                                                       NOI = $119,103                                                                                                          NOI / 3.4MIL = 3.5% CAP RATE (TYPICAL CAP RATES IN NYC IS 3.5 -4%)However I'm lost on what the real financials are because of the DHCR reports a rent roll totaling $5,484/mth from the Rent Stabilized apts ONLY!!

OPM, you use other peoples money and you control the assetIf the numbers don't work for that then maybe its not that great of a deal.