Potential Acq: -11 units in a not great area outside DC -Seller is asking $1M -Seller is old so no RR, financials, etc -Place is pretty run down, needs new cabinets, paint, etc.. -Only 5 units occupied at ~$850 avg. (Feel like this should be priced at $400k Maybe less…) -Think I can bring avg rent up by $100
Recent Comp: - Sold for $975k - 7 units - Turnkey & rents pulled $9k/month
Seller: Willing to do seller financing but say’s he needs $300k down so he can pay off his mortgage.
Question: Is there a way for him to pay off his mortgage without me putting $300k down (clearly not worth it)…(also makes me think he could be in a tough spot maybe?.. he just needs someone to get this off his hands?…) Anyone have any creative solutions?
Important: Also I’d like to put zero down if possible. …Anyone have ideas for negotiating zero down? (Maybe someone wants to partner?)
All insights/ideas welcomed.
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