Help On 24 Unit Apt. Deal
Previously posted in Wholesaling [Residential] Forum.
New investor in need of a quick solution. I have put in a full price contract/offer on a 24 unit apt. bldg. This is an estate sale thru a Broker/Management www.company.My realtor submitted my offer 3 days ago. There are 5 other offers and the listing broker says he'll present all to the executor this PM. First, some details: Property is 90% leased to college students [on shuttlebus route, 3 blocks from campus]. In good condition for 30 yr. old bldg. Needs 8-10K in repairs and upgrades. $435,000. selling price and CAD has $619,500.00 appraisal. Last 2 yrs. P&L show $42,500. NOI on $113,500. GAI. Being a 'newbie' I offered 10% dn with a 90% LTV @ 7%. If another offer shows 20/80 loan and at full asking price, will that negate my offer ? Can I go back and revise my offer at this late date ? Help.... Please :-?
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