Should I Even Attempt?
I was looking through some apartment complexes for sale, and I was wondering if I should attempt to aply for financing? The property is like $50 mil.
I know there's no way I'd get that, but what if I applied for say 30mil 61% LTV, and then searched for a partner to get financing for the other 40%?
Would this work?
JB
[addsig]
A $50 Million Dollar apartment complex on the East Coast? Wow. Will the owner carry a second?
I don't know, I've never even thought of applying for a loan this big...I almost laugh at myself for considering it.
You know what...I think I should try, at least then when the lender calls to laugh in my face...maybe I'll learn something.
JB
[addsig]
Hmmmm, I'm thinking (yes I know it's NEVER going to happen).
$56,500,000 theres the price.
How could a newbie investor like myself invest in a property that costs that much? ...if you say "you can't" I won't argue, lol.
I'm thinking I know someone who was talking about they wanted to buy an apartment complex. Maybe I could do a 40/40 with a partner and have the owner carry 10% if that is even possible.
I don't see how me getting ahold of $25 million is possible anyways.
Well.. this just in the property is under contract already, I did write the agent back and asked him to ask the buyer if they'd be interested in a partner.
Brand New Apartment Complex ahhhh
One day....
JB
[addsig]
Not to keep posting on my own post (although that is what is happening here, sorry)
and the seller agreed to a price below 90% Appraised Value, say the offer was 85% for what the place is worth.
But, I'm thinking from my other topic, getting creative commercially.
I know I can pretty much get a loan for a SFH anytime.
Say I were to find an apartment complex, and "Make an Offer" (another thing I never even considered for some reason I let the fact that it's commercial scare me into "the price is the price"
Now, me being the new don't have any commercial properties, luckily can finance a SFH, newbie investor who wants to own his own apartment complex...enough rambling, if I were to find a deal like this how likely would it be that I'd be able to finance something like that? Would I more than likely need a partner?
Ok thats all I'm putting in this topic for now..I promise
JB
[addsig]
When dealing with commercial property, sellers are must more willing to carry back 2nds and even sell on contract. More often than not I see that I have terms available to me. If you can find a partner to put in that much cash then I'm sure you can get this to work.
However you shouldn't jump out of a plane without a parachute! Make sure you know what you're doing. You are dealing with a potentially fatal deal if you make even one mistake costing you 1%
When you say fatal what do you mean exactly? It wouldn't physically jump up and kill him...........or would it? LOL