my husband and i are looking at a possibly great deal on a very large apartment complex. we will be able to assume a large part of the financing which has a great intrest rate. we are lacking about 12% financing or close to 1.5 million. i think the seller will hold the 500,000., leaving us w/ 1,000.000.00 to come up with.
this is a great property, location, aned investment. the income is wonderful as well.
we know a few people we might be able to drag in on this deal but this is where i need the advice…
i don’t want to deal with a parner.
i have experience managing a running apartment buildings, and most of the people we are going to contact do not have experience.
i’m trying to think creatively and will except any and all advice.
i’m thinking about offering these investors 10-12% interest to be paid over 15-20 yrs. i am also thinking about offering them 1% of the monthly profits, or about 600.00$ per month as extra incentive.
have any of you ever heard of this or does any one have any other ideas?
i don’t want to loose this deal over somthing as silly as $1,000,000.00…lol.
would it be possible to contact a hard money lender for this type of situation?
would any bank hold a second for $1,000,000.00 based on the income the real estate produces?
i hope these questions arn’t too silly…i’ve never done anything this big.