2 Questions On A 10 Unit Complex In Texas For My Friend?
he found a empty 10 unit complex in houston in a bad/rough neighborhood. the owner wants $260k. remember there are no tenants and the place is in need of extensive upgrading.
there are other empty units close by alone with NEW CONSTRUCTION in the same block of the 10 unit complex.
What should he offer them?
What is the formula i seen somewhere=for every $ in repairs equal "how many $ in discount from the asking price?
Question no. 2:
If the asking price is $260k and they carry a 2nd for 10% ($26k) this would that make this a 0 down deal on a 90% ltv?
who would pay the closing cost and how much should we expect % wise? i know they say that $3% is the norm for residential-what is it for commerical?
Thanks in advance!!
look up any listing on loop net, on the right hand side, they will have demographics. Or just call a local Commercial broker. That is their job to collect that info for you.
Hope that helps,
NAthan[ Edited by richnathan on Date 07/10/2007 ]