I am looking to purchase a 36 unit apt. building with the following financial numbers. Gross Rent: 269,340 with NOI of 96,727. Seller is motivated and will assist in financing via 2nd mortgage or land contract of some type. This is my first apartment deal and need advice on best way to structure offer to get maximum cash flow. My credit score is 680. Any advice would be appreciated.

Give me a call and i can help you out. That sounds like a very easy deal from my point of view. I just opened op this forum account so excuse me for not havbing a signature. i will have one after this message. you can reach me at <see signature>. i am located in manhattan,NY. Look forward to speaking with you.
Joe Pagan
Loan Officer

If you are seeking a second opinion, which you should always do in this business, then if it helps I am working on one of these now in Brooklyn, NY. The lender I am using has great rates, below 7% on some of the products. Feel free to send me questions and/or I can set you up with them.

We will finance up to $6 million USD. Rates start of in the sevens with various programs. Can structure the deal once we have the nec figures. Gime a buzz if you have any questions. Thanks!

WE CAN FINANCE YOUR APT. PURCHASE WITH
80 LTV
10 YEAR INT.ONLY /25 YEAR AMORIZATION
680 ABOVE FICO/CREDIT
1.20 DSCR
FULL DOCUMENTATION


JFLO

USING THE INTEREST ONLY LOAN WOULD ENABLE YOU TO REDUCE YOUR MORTGAGE DEBT EACH MONTH,INCREASE YOUR CASH FLOW UP FRONT FOR THE 10 YEARS.A DRAWBACK HOWEVER IS THAT YOU WOULD NOT BE PAYING INTO PRINCIPLE.A QUESTION YOU SHOULD BE ASKING YOURSELF IS HOW LONG AM I GOING TO OWN THE PROPERTY?


JFLO

I have a couple questions regarding the down payment on rental property purchases. Using the plan to have the seller "loan" me the 20% for the downpayment to be paid back from the bank, does the bank care where this down payment money came from? Ex-

300k = agreed price
375k = loan from bank
75k = amount borrowed from seller

300k = final mortgage balance

Is this done alot? And are alot of sellers open to the idea?

Thanks in advance,

Jared Pozarnsky

Representing to the lender that the purchase price is higher than it really is would be fraud.