Financial Information
What is a good strategy to finance an apartment complex?
I need to get the financing for the down payment and mortgage primary.
Response Sunny
Louise If you do not have the full deposit, ask the owner of the building to give you 2mortgage and pay every month until you pay. I once. The man wanted to sell so bad, he gave me a loan of 7 years to 10%, but it was in 1993. The house needs a lot of work and had no money for réparer.Lorsque I sold, I gave the buyer a mortgage of 3 years of the purchase price and amortized on a loan of 20 years with a balloon payment at the end of the third year. This worked well, but he can not for everyone.
I advise that it is not a good idea to get 100% financing. Sometimes (if you are not a novice investor) it may make sense to ask the seller to tote a note for part of the down payment., But what happens if you get in abnd and have to sell??? The 100% leveraged investor hs to cough up money to sell.
So if you have to borrow the DP, I suggest that you reconsider. Do not put you home up as collateral, unless you are prepared to walk away from it.
Remember that if it sounds too good to be true, it is.