apartment building with no money down?
Jan 25, 2010
in
Commercial Mortgage FAQ
I found a apartment in Kansas that is worth 27 Million dollars and i will like to ask can you give me names and phone numbers or even website of lenders who can give me 100% seller financing?
Also Can a apartment that never had debt do have no apraisal?
please give me a answer thank you
The apartment building is 98% occupied good cash flow
The seller said that the property has no dept that the reason why they dont have a appraisal
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4 comments
Landlord on January 25, 2010 at 11:33 am
You need at least 25% down to buy an apartment building.
I am amazed ANYTHING in Kansas is worth 27 million, but I have never been to Kansas.
No bank, or investor would touch this without appraisals and inspections. No one with that kind of money is that stupid.
lardawg54 on January 25, 2010 at 11:33 am
No money down means they really want to unload a building that is riddled with problems. Before any lender would give you any kind of a loan. The building must be inspected for Codes, plumbing, sprinkler systems, electrical, and structural. My thoughts would be to forget about this, it would probably cost you millions to update this building to code and then fill it with tenants or leaser’s.
goz1111 on January 25, 2010 at 11:33 am
It’s nearly impossible to find a no money down for residential, you will never find a no money down for investment , realistically unless the owner wants to hold the note you will have to place any where form 30% to 50% down
Mark C on January 25, 2010 at 11:33 am
You will need 20% in cash and an experienced management team to purchase anything of this size before any lender will talk to you.
An appraisal is easy, the cost will depend on the detail your lender needs. They look at condition, location, cash flow and comps. For a building that size, figure an appraisal will cost 10 to 30k.
Nice to dream anyway.