Need Opinions
I am in the preliminary stage of evaluating a multi-family project. It consists of 60 apartments (93% are studios), has a NOI of $120K, Cap of 12.10%, 10% Vacancy. Built in 1925. Has undergone re-hab in the last 12 months. Most recent appraisal $1,375,000. Seller asking $995,000. I do not have any money to put into this transaction. Because of the wide difference in the asking price and the appraised value, will a lender look favorably at letting me get into this with No Money Down?
Or, if someone is interested in buying this property, I will consider "wholesaling" it to you. Any interest?? To the person who replied, please contact me: Reply tdp AT***Must have at least 5 friends to unlock***.
[ Edited by courtday on Date 08/17/2005 ][ Edited by courtday on Date 08/17/2005 ]
If you do not have 5% to put down I would not even consider this deal. Wholesale would be your best option.