Hello,
I’ve found an apartment complex near Ann Arbor Michigan.
It’s about 50 units, and selling for just above $300k. This one really sounds like a great deal. Only about 6 units need rehab, and it’s just minor. Paint, carpet, and appliances in each.
The owner is willing to do 20% financing.
I’m very new to this, I don’t have any of my own money to put down, my credit is poor (economy killed me).
Would anybody know private lenders, or even a partner that I could turn to in Michigan? Any good advice would be very helpful at this point.
Thanks for your suggestions and comments in advance!
Kind Regards
It is doubtful that you will find a lender or unknown investor who will let you be a partner with no skin in the game. The only way that you are going to find that type of scenario is with family or acquaintances.
Try M & T bank. we have done a few of those where the seller put up some money. That was back in the hay day but they are somewhat flexible in an unflexable market.
There’s one way to work this deal with no skin in the game: organize a back to back flip - find an endbuyer who will be able to put his funds in escrow before the first sale occurs.
Of course this means you won’t be able to rehab the property - nobody will give you 30 or more day with a property without a down payment. Without knowing the details of this transaction, I can’t judge how useful this advice may be to your particular situation.
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