My two brothers and myself inherited our parent’s 5-story, 12-unit apartment building on the vibrant west side of Manhattan, NYC over four years ago. We also have a commercial tenant on the ground floor (a successful restaurant). Almost three years ago we took out a 7-year million mortgage on this property (and our building pays around ,500 per month for this mortgage) and I was happily able to retire on the 0K I pocketed. We have recently discussed what more we can now do to get another nice chunk of $$. This past year we were able to take an annual total of approximately K each from the building’s profits (our rent-roll totals around K per month). All three of us agree that attempting to sell the building right now in this terrible economy is not an option. MY suggestion was that we refinance our mortgage as interest rates are low now. However, one of my brothers feels uncomfortable doing that because (a) we would have to pay around K outright just to take care of the first mortgage, in addition to paying closing costs, fees, etc., and (b), although he feels that the building would be able to pay the higher monthly mortgage payment, he feels uncomfortable about leveraging our building for over million, especially when right now all property values are low. He would prefer for us to just continue taking our monthly $$$ from the building’s profits. My answer to that is that this current terrible economy is hopefully a temporary anomaly and that property values will rebound in a year or two. The three of us are in our 60′s and I feel that tomorrow is promised to no one, and we should enjoy as much money as we can while we are still healthy enough to. I am the only brother who REALLY needs a financial shot in the arm now; they don’t. I expressed to my brother that his discomfort level shouldn’t deny us in getting another nice chunk of money each. Is there any method of perhaps having a bank give us a "mini-loan" allowing just me to get around 0K? Does anyone have any idea how we can safely get more $$$ from this valuable property, instead of just taking "nickels and dimes" per month from the building’s profit? Perhaps there is some way that I could somehow take 0K from the building without jeopardizing the financial integrity of the building, if my two brothers agree to that method? Thank you.

My sister is buying an apartment building around north philadelphia. I don’t know how big it is, but it will cost 0,000 to buy. I am quite sure that she does not have that money sitting around, which means she would have to finance it somehow. I didnt want to get into specifics asking her about it. How would she buy it? Would a regular old bank give her a loan or does she need some sort of "angel investor"?

I consider myself a fairly ambitous guy, I’m optimistic but not naive. I noticed that most 22(23 this month) year olds aren’t realistically setting achieveable goals for themselves why is that? I’m a college student who plans to go to law school in a couple of years. After which I will be a practicing criminal attorney. With that said I hope to achieve an income of nearly 80-90k after five years starting out in the low 60′s with as little debt as possible. I then want to save up frugally, and instead of buying a home, buy a 5 or 6 unit apartment building live in one unit and rent out the other 4 or 5 units. Then I will repeat to I have a portfolio of maybe a 10-12 properties is this a real achieveable goal, likely even if I plan? How does one get pass the DTI issues associated with financing 10 properties? When they do the loans they just go stated?
So if anything over four units is commerical, then I’ll just keep it down to four units then.

I am reviewing a co-op apartment building’s financial statements and it gets really confusing. The management office says they report losses or deficits because they operate as a not-for-profit entity. They refinanced their 2 balloon mortgages with high interest (7.7% rate) into a smaller interest (5.8%) fixed-rate mortgage but from mil to mil amounts to capitalize and fund renovations (i.e. window replacement for entire building in 2005 .5 mil) and boosted the reserve funds to over million. But this is done at the cost of putting the building and the co-op shareholders into more deficit. Is it smart financing, or irresponsible fiscal management? The building is a luxury apt and looks well maintained with nearly 100% owner occupancy. Should I be worried or glad?

An investor purchased an apartment building for ,000 by paying 10% down and financing the rest of the purchase price. The lender charged two points as a loan origination fee. How much was the investor charged for the fee?

I’m living in Boston and looking to buy an apartment building with "owner financing." Does anyone have any advice on how to go about doing this. Id est… contact an agent, et cetera? I’m not sure how to find an apartment building that will offer it, or if I’m suppose to make the offer directly, or have an agent do it for me. Any help would be greatly appreciated. Thanks!!

I’ve heard of techniques like closing on the day rent is due so the rent income on the property can be used as downpayment, but wouldnt this limit your choice of an apartment building in terms of price(Ex; purchase price: ,000,000 net Income: ,000 20% down: 0,000) and how much it makes a month? or does this really call for more negotiation on the buyers part for a smaller downpayment? thanks for any input

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

Looking to get an apartment building but I don’t have the money, credit or documentation, therefore I need something secured such as a asset based. I live in nyc and the property is there as well. No upfront fees. i can’t afford any fees that the property can’t cover.
I plan to hold the property as the asset
non recourse financing

I looking to buy an apartment building with no Money Down, Im looking for an mentor to help me buy my first apartment building,

Does anyone willing to help me buy my first apartment building with no money Down or Help me find find a seller who is willing to carry back owner financing.

Email me please

Looking to get an apartment building but I don’t have the money, credit or documentation, therefore I need something secured such as a asset based. I live in nyc and the property is there as well. No upfront fees. i can’t afford any fees that the property can’t cover.

I was trying to purchase a HUD apartment building, I went into contract and put down earnest money into escrow. After a month into the deal HUD notify the owner they needed to give the tenants 150 days notice the owner was selling the property. At that time I had a loan but after the 6 months wait and the change of the economy I was not able to found a lender. Now the seller wants me to close the deal or loose my earnest money. What can I do in this case? Anyone knows of a really good real estate attorney? I don’t see any special clause on the contract for the earnest money and I didn’t had any professional agent representing me.
Please advice
Chris
I live in California and the property was in Tennesse, in TN they use lawyers instead of escrow and the lawyer made the contract it was not a standard contract

I was living on off campus housing in an apartment complex using school loans and now i have to move further away. When i moved into this apartment building which was off campus, the school handled the finances for the apartment, its basically an apartment for only college students. Now i am moving into a normal apartment building and am not sure how i can use school loans for this, do u get an account number or like a credit card with your school loan account to do this?? thanks

I’d like to purchase an apartment building. Is this considered a commercial loan and where do you go to find them and what kind of qualifications are necessary? Is it the same as getting a mortgage where you need 20%? Or is it a little different? I don’t have many liquid assets but have found a good building?

I am looking to buy a 6 flat apartment building and I would like to know if commercial loan lenders look at a borrower’s income or just the income potential of the property itself.

I would like to buy a 8-unit apartment building for 3K

from what i have found most lenders want about 20% down.
Can i find a lender with little or no down payment?
I can pay other things like prepayed insurance, escrow, ect. but the 20% is kind of high.

Can anyone sugest any lenders?
Any sugestions?

Looking for apartment building, and want to buy an aprtment building with no money.
If theres anyone out there willing to help me buy my first apartment Building.

Kind Regards
Why everyone is taking this for a joke wyle im serious im new to this all i need is an mentor.