cgmaker
04-01-2005, 06:32 PM
I will be finding out in the next couple of days about an offer I put out there. It is a 12 unit building with 1 bedroom each, fully rented. It is appraised for $189,000 and my offer was for $100,000. If they accept it, the terms are "subject to my ability to get financing" so with my bad credit I will need a partner with good credit or a nice financial statement. We can get $120,000 from the bank and the property will cost us $100,000 so you do the math. An instant $20,000 profit. Then we will put the property on the market at $140,000 with $20,000 down and they can assume the financing. They will snatch it up because it is still $49,000 below market value. We have yet another $20,000 profit for a total of $40,000 profit. Anybody interested if this deal goes through?