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I am looking to jointly purchase a 15 unit apartment complex in a far northwest suburb of Chicago. All 1 bedrooms and studios. Everything was pretty much gutted and redone within the past few years, roof is less than 10 years old. Current owner bought in ’07 at $870k, and we agreed to buy at $820k. Gross rental income is about $130k, taxes $16.5k, looking to get a 20% down loan at 5% (5 year balloon amortized over 25 years). All told, after all expenses and loan payment, monthly net should be $3,000 on the low end, to about $3,800.
Originally, the plan was for me to put up the down payment and closing costs, with two other guys being co-guarantors on the loan, but putting no money down themselves. They agreed to do the property and asset management, in return for a percentage of the monthly net, and a percentage of profit in the event of a sale down the road.
