Creative Acquisition Solutions?
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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