Found a great property, 150 units, 60% occupied, needs 250K in renovations to make it 100%. Structured as:
50% New BANK FINANCING
25% OWNER HOLD NOTE
25% INVESTOR CASH
Just found out the bank is taking possession in foreclosure action…i am not sure what I should do next…contact bank with mortgage?
If you don’t know what to do next, you’re probably not ready for a 150-unit building with a 40% vacancy.
Keith
OUCH!
What is your experience in Apartment ownership? In the real estate business?
I hope I didn’t sound harsh but you need to go into investments with your eyes wide-open. An investment like this is significant and a bank isn’t going to give a ton of money to an inexperienced person - thery’re going to want to see your “body of work” (‘resume’) as it applies to property ownership and management.
What are the numbers on the property? How much? Rent per unit? Taxes? Upkeep? Insurance? Etc., etc.
Where will the quater million come from?
I hate to see ‘green’ investors (not the environmental ‘green’!) get in trouble because “no one told them”
Keith
I’m sure some $39.95 course just said, “all you have to do is get it under contract and lock it up.”
Find a property, get it under contract, and investors will line my pockets with cash. Then I get to fly all over the world. David Lindahl said so.
Not trying to insult the OP, but I have DL’s book and that is almost exactly what he says.