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Progress on my Charlotte 6 plex

This topic contains 4 replies, has 0 voices, and was last updated by Avatar of spunky spunky 6 years, 8 months ago.

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  • #6937
    Avatar of spunky
    spunky
    Participant

    Hello, I am still trying to purchase a small apartment building in Charlotte. I have made a typical NARS orrer and sent proposal for full price last Sept, but seller refused it. He updated 4 units, lowered price and stopped seller financing and only wants cash. So, I I need trust partners or a money partner .I can get a local commercial portfolio loan for 80%, but I do not have the 20% out of pocket. If interested, I will send all financials.
    Is there anyone on the board who wants to invest in a cash flowing apartment in east Charlotte, near Mint Hill ?
    If anyone is interested in sending $55,000 or part of it for partial cobeneficial interest to trustee ,we can create a NEHTrust after purchase with assignment of interests.
    Or, you can just loan me the needed 20% for a second mortgage. I request as long a term as possible.
    Sincerely,
    Connie, ruby

    #34184
    Avatar of corkhorner
    corkhorner
    Participant

    Connie if it is a good deal, why is it on the market yet?
    You need what’s known as skin in the game financing
    Which in my view is a local source for you.
    Check out CPA,s and run ads ‘money wanted’
    Or real estate investments.
    Your local re club?

    #34185
    Avatar of corkhorner
    corkhorner
    Participant

    Connie email me at corkhorner@msn.com with your cell so discuss strategies.
    Suggest good times to talk by cell.
    ideally send me the income and expense balance sheet.

    c h

    #34186
    Avatar of spunky
    spunky
    Participant

    Hello Nars members,
    This is an update
    I hope everyone had a blessed Easter,
    I enjoyed just hanging with my family for church and lunch.
    I am working on a 80/20 commercial loan. Today, after completing my tax return, my accountant mentioned that he might have a couple who would lend me the needed 20%, for 6 years at 6%. But, their attorney will not let them be a co beneficiary in a trust. I remember, Bill, said the trust is not the only way that we invest. So, I may have to use another entity in order to get the money. Also, they feel that 285k is too much and that it ought to be 265k. so I am not there yet. I wrote the LOI to the seller contingent on getting the necessary funding and him paying all closing. He replied, his final figure was 285k that he would pay prorated taxes and transfer fees and no seller financing and that because we had talked, his attorney could just close for us. . ..
    I am also creating a list of my back up savings accounts and credit cards that can mostly cover the 2nd private loan if needed.
    My contractors that go to my rentals can just also service this building and maybe my CPA collect rents.
    ..

    #34187
    Avatar of corkhorner
    corkhorner
    Participant

    Connie has the seller provided audited income and expenses?
    Without that it is all air.
    R u familiar with the rule of thumb of 40 %
    From gross income for operating costs before
    Debt reduction?
    I recommend you contact ray Alcorn at creonline.com who is the commercial forum mentor.
    He is the top commercial advisor. Tell him I sent you!
    He may have retired but I doubt it.

    Cork Horner
    http://www.realestatefrontier.com
    founder

    #34188
    Avatar of corkhorner
    corkhorner
    Participant

    Connie I have ideas for you.
    619 887 2000
    :)

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