Assumable
I'm looking at a nine unit assumble, in which we agreed upon a selling price of 180,000.00. The property has long-term tenants, the longest tenant has been there for 26yrs.
Looking for some outside thoughts on an approach.
Quote:
On 2003-11-25 16:42, StanWatkins wrote:
I'm looking at a nine unit assumble, in which we agreed upon a selling price of 180,000.00. The property has long-term tenants, the longest tenant has been there for 26yrs.
Looking for some outside thoughts on an approach.
Stan,
I would be looking for ways to reduce acquisition costs. The obvious is to see if seller will carry back a second. His willingness or ability will depend on equity and needs. I have increased price to get good carry back terms. Most of mine are below 5% interest for 10 years.
Regards,
Ed
I forgot to mention that there is a second in place which is interest free currently.
The lender is willing to restructure the terms in order make deal work.
In consideration there is 1k app fee, and 30k down to consumate acquisition.
The area is on the up swing, there is evidence that others are placing money in properties in the area which is a mixture of residential and commercial.
And, with the property in question itself; with a lttle curb appeal added and based on the comps there is plenty of equity to be had. I just want to make sure I'm not missing anything in terms of my due dilligence.