Close to a No Money Down Deal Needs help!! Please

cashinvestor, have your buyer pay the deposit, you have 3 days legally to get the deposit in to escrow(not the seller he/she can keep your $ that way it has to be escrow even it if is a for sale by owner fsbo or an attorney if you are a judicial state as they call it instead of an escrow State like Ca w/is w/I am at)

have your buyer pay the dep, that is what i am doing. Good luck

Try a 90 day flex option where if the seller has an offer in escrow before you choose to exercise your option, your option is void.

give your seller a copy of your check as EM, and say that you will give original after you complete an inspection that is to your_ and your partner's satisfaction.

Have your buyer ready so that you can use his funds for the EM

Shouldnt he give the emd to an escrow co just in case or even the end buyer? to make sure that if anything goes wrong they get it back. cuz theirs no guarantee the seller will. thx

Help! Help! Help! I am a motivated first time real estate seeker in Hampton, Virginia. I am seeking wisdom for options on how to purchase the office building(veterinary Clinic and land) that i am presently working at from the owner who would sell me the business and land for 250k. Need as many options as possible because it was announced that he wants to close down by April 30th. My ultimate desire is to acquire it with no money down and avoid a down payment if possible due to financial and credit concerns. What options can be presented to the owners to make it a win-win situation for both parties involved? Thanks for all your help because this is a real estate dream that i've had for years and didn't have the courage to take action, but its now or never for acheiving real estate success.

It is a NO, NO on this site to highjack an existing post. If you want help for your deal, simply start a post of your own so others can try to help you out. Just giving you some direction for help of your own...Jan

Sorry guys I didn't tell you I wanted to keep as a rental.
He will give me 6 months no payments,but he wants a secruity deposit.I don't want to put any thing down.

I want to keep as a rental.

More info. Asking price? Is it a SF or multi, if so what are the rent rolls, taxes etc. Gotta fill in the blanks to help you out...Jan

Purchase price is 2.3MM About 74,000 SF total. There is 30,000 SF of
Manufacturing/Warehousing space on the West side of the building
and 24,000 SF in the center section of the building, with the loading
docks and overhead door. And there is a 15,000 SF Call Center
completely fit out to “A” space and in “ready-to-move-in” condition
It is vacant with one tenant in there that has not paid rent is 6 months.
Parking: Parking for over 200 cars and on-site trailer parking
Lease Rate: $3.50 PSF NNN for warehousing/manufacturing
Call Center : $12.00 PSF plus utilities

Owner will do a lease option with no payments for 6 months.I intend on hiring a good property management company to lease it up within 6 months.

But the owner wants a 25k security deposit that I don't have.

Are those lease rates market rates or the rates in the lease/option

the numbers and its real, bring in a partner to fund it and split the profits!

Without the funds, you have NO deal...= no $$$$

Real deals REI's Jump on. Fast

Those are the lease- option terms.

A couple things here first. You have got to lay out in your post what kind of deal it is right up front. The first 5 answers to your post knew nothing of what you were trying to do. Get my drift. I want you to be excited about your deal, but explain what you are doing.
First thing here is, this is a L/O deal. I would think this security deposit is Non- Refundable. That is a huge chunk of change.

Second. Why is the seller letting this guy get away with not paying rent for 6 months. RED FLAG

3rd. The only way this seller is going to agree to no money down or little down is a full price deal RED FLAG He won't agree to no cash down. I wouldn't

4th Unless you have experience in large commercial deals, trusting a management company to do your work for you is costly. 8-10% of your monthly gross. There goes a chunk of your cash flow

5th Like Mike said, unless you have a money partner, back out of the deal if you don't have the cash

Going after big fish is great if you have the knowledge and financial backing to make it happen. It is just my 2 cents, but I would look elsewhere.

Good Luck...Jan

Jan has a lot of good points. With someone in there for 6 months without paying rent, it might be better to approach this deal from a management perspective and cut a deal with the owner on getting some paying tenants in there and take a cut of that every month. That way you have some upside possibility with no risk. If you were to L/O it, even with 6 months of no payments, do you have the resources to deal with vacancies should they arise ?

Thomas hit it on the head. Since this company is not paying any rent, you are starting from square 1 with no cash flow coming in and paying money out. I am sure the utilities are on in the rest of the complex, taxes need to be escrowed along with Commercial Insurance on the prop.
I like the management idea. You are getting inside the deal and this will give you ample time to make sure you want to get more involved while taking a mgmnt fee. Like I said before, unless you have the experience with large commercial props and you have renters in place to occupy the vacant areas, I would walk away and save yourself from a big financial headache...Jan