6 Unit Building

Seller is a old man whose wife past away. He seems to be quite motivated to sell and get rid of the property. All the tenets pay a fair rent price which can be upped to meet current rent market prices.

This property has a positive cash flow of $900 a month after laon payments.
[ Edited by 3qu1ty on Date 10/07/2004 ]

Comments(4)

  • mattfish1127th September, 2004

    Sounds like you are in a good wholesale position... Try to find an investor that you can sell the property to...

    Put it under contract and get a quick $5K out of the deal or whatever the final sales price comes to... If FMV is $500,000 and you put it under contract for $400,000 - guess what the split (your profit) is?!? The potential is there at least...

    Good Luck!
    [addsig]

  • Colinl2227th September, 2004

    does someone have a contract I can use to sign this 6 unit property under contract "subject to exsisting financing and/or assigns..."?

    Can you put both subject to and and/or assigns into the same contract? Is this the best way to go when locking up this property?

    Also, I do not have a title company yet. Do I have to use one? Who should I use?

  • tess27th September, 2004

    I am in the same boat, but cash flow would be 1400 per month on a six unit. I want to hold. Long term tenants, long term leases, lowest rents in the area, excellent condition. The bank will only do a 15-20 % down. I really don't have the cash (being that it is considered commercial),the bank doesn't allow cas out financing or refinancing. any help on my end? I don't know of any investors out my way and am not interested in turning it over. It is also 20,000 under last years appraisal. Help needed here too!!!!

  • ray_higdon28th September, 2004

    Both Tess and Colin, I would reccomend checking out your local real estate investor clubs. Local investors can tell you title companies, mortgage brokers, contract sources, etc. Tess, have you tried a good mortgage broker instead of a bank? They deal much more with NOO property.

    Colin, if you are holding long-term, I'm not sure subject-to is what you want to do.

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