I want to purchase apartment complex and need a xtra fast comittment so I know I can do it before I give owner a deposit. If I put down a deposit owner wants it non-refundable to take it off the street for 30 days or so. Gross rents 15K per month, NOI about 10K per month exclusive of debt service. A lot of people after this one but no one to the table with deposit yet. I can get it off the street and under contract for 10K, but again I lose if deal falls apart. numbers are good…buy for 585K, worth probably 1MM. Older couple wants out…HELP! If I get committment, I will place deposit and contract. I have 700 score. Do I do hard money then refinance? or?
Thank you,
David J. Daum