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 ]
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]
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?
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!!!!
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.