stunna87

I think most of these (c)rackas are mad that these Indians that are not originally from here are coming to Louisiana and are owning (very successfully) multiple businesses and are able to afford things that the average Louisiana resident cannot afford. Be as racists as you want towards us, just remember we are bigger than you and while you are off on a 9-5 job that you hate..we are enjoying your American Dream. Even though you had multiple generations here before you, we are still coming out on top. We make it look easy.So:cheers: to all my fellow brown people living in this state and are more successful than the average redneck living here.

I do not have a set return of investment goal that I am looking at here since the only thing out of my pocket is the downpayment of 150k and the two 30k balloons. I'm looking at this as a long term investment and expect it to cash flow down the road when I can refinance the loan and get cheaper monthly payments. What are you guys expecting the commercial interest rates to be three years down the road? This part is also up to me as I do not want to go ahead a fix an interest rate percentage now for something that is going to happen 3 years from now.

I have come across a scenario where a friend of mine wants to get rid of his apartment complex. I have a huge interest in real estate so I have been talking to him for the past three months and now he wants to work with me to sell his complex. His reasoning is he wants to concentrate on his other businesses.The complex is 59 units, is built in 1980, is fully occupied and needs much maintenance work.It is located in the River Parishes and is bound to be always occupied. I am not looking to make any money on it until 5 or 6 years have passed. We have agreed that the deal will be a lease purchase as to reduce his tax base. (I do not intend to sell until after 40-50 years)There will be a downpayment of 150k and lease payments of 15k per month for 3 years. There will be a balloon of 30k at the end of each year for first 2 years. The sell price at the end of 3 years will be 1.6 mil. Our initial price for the complex is 2.1mil. The current owner will owner finance the deal at the end of two years at a fair market interest rate. The units bring in an average of $575 per unit (total 59 units). Money board, I need your help on this matter on whether this is a good deal for me or something I should step away from.

I also want to add in that I have my own labor that can help with things such as flooring, sheetrock, and cabinet work. I will never have to hire a contractor to do these things. :geauxtigers:

Thanks for the info. No i dont have any papers from the loan officer. All are from the closing office...I'l check through that paperwork and see if I can find anything.