Posted by jjj on November 13, 2008 at 12:25:09:
In Reply to: Re: commercial deal posted by Mike S. on November 12, 2008 at 12:07:52:
I have never owned a 150 unit complex so I can't help too much. I would be talking to local lenders. A $2M loan would probably have to be approved by the bank's board members, but it's still a relatively small loan even for local banks. If the cash flow is good you should be able to get it done. How is the property currently managed? You would have to hire individuals to manage the property if you didn't want a management company involved. Either way, you can't do it on your own. Do you trust your abilities to hire employees that can manage the complex? 150 units is a large property. You might want to tell the lender that the most reputable management company in your area is going to manage the property, and of course, you can change your mind after the loan closes ;)
Try and be objective. If you pay too much for the complex you'll be working alot of hours for very little payoff. If the numbers don't make sense you might need to walk away. What's the appeal anyway?
- Re: commercial deal Mike M 04:02:49 11/15/08 (1)
- Re: commercial deal sharon 19:23:07 11/21/08 (0)