I am an investor in the Omaha,NE area and I am currently looking at 2 deals and would like some input from anyone on how to get them done using a Hard Money Lender. Here are the details.
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The 1st one is a 5 unit apartment house that my grandfather owns and he is looking to sell it to me. He is only asking $60,000.00 for it and it is worth $103,000.00 and has a positive cash flow of over $17,000.00 per year. He owns it fre and clear. I would like to use a HML to acquire the property…but are there any out there that loan under $100,000.00
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The 2nd one is a very popular night club here in Omaha and the owner is being forced to sell it in the divorce settlement. The price has been reduced to $210,000.00. All inventory/furniture is included…its basically turn-key. There is also an assumable lease with an option to extend. I also run an event promotion company on the side and thought this would be perfect business opp. Again, would like to aquire this with an HML…the one im working with only gives 75% LTV…could I get that and ask the owner to finance the rest…how could I structure that.
With both of these, im looking for no money down out of my pocket. Any suggestions would be greatly appreciated.
Sterling Realty Group