Seller Financed Motel-to-Apartment Rehab Assignment Avail

Dear fellow investors,



My brother and I have locked up a unique contract for a 47-unit Motel-to-Apartment rehab project in down town Salt Lake City, UT. The purchase price is 100% seller financed. The terms are as follows:



- $1,000,000 purchase price

- $25,000 down at closing

- Seller keeps current first mortgage in his name

- Seller defers remaining equity until rehab is complete

- Upon rehab completion partial cash out seller with refinance, the rest in a seller-carried 2nd mortgage for 5 years



My brother and I have completed 2 inspections of the property and have estimates for repairs at approx $300,000.



Similar buildings are valued at $1.75 to $2.0 million (depending on room types and rents).



Due to the number of projects we have going, we are wanting to assign this contract. Assignment Fee is negotiable.



Where should I post this to share this opportunity in the most appropriate way.



Let me know.

Thanks.

Comments(1)

  • joel25th October, 2005

    In the Property Listing area. Go to My TCI > My Properties and add the property in there.

    The Forums are strickly for questions and answers, not for property listings.

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