I had this posted with a different subject, and no response Trying differently.
I have a seller of a commercial building, that has apartments and businesses. He has a 1st on the builing of $150k with pmts of $2,800 mo. Taxes,maint, ins and water all total $1,300 a month.
So outgo is aprox $4,100 with current situation.
Income with rents is $6,200 and two more offices rentable, so another $1,200 possible. Totalling $7,400
He’s selling due to not wanting to be a landlord anymore and health issues.
He wants to refinance the $150k for $200k and will split the 50k with the partner then carry for 20years.
Tax assesed value is $525k Hes selling for $595k
Is this a deal? Can i get it done with out an appraisal due to low ltv?
And how can i get a 90 day lock on the deal if it is deal?
Being mostly new here myself, I have noticed that sometimes they take a few days (or more) before responding. Especially considering now Football is in full swing and the baseball races are in the final legs.
My bad for having two threads for one subject. Trying to get answers.
I do need to know how i can lock this one up? ASAP.
I have the seller at a sale price down to $535,000 and with two more office spaces avail for add income, I want to lock this in. How do i lock it? Does a signed purchase agreement give me exclusive rights for purchasing?
Im working on financing with $47%ltv of the tax rmv. And seller will carry back a second.
Any sugestions for the financing as well? Looking at HML.