I, Ms. Malobe, won a multiple offer bid for $89k on a very profitable investment/commercial property. I am seeking financing to complete the process of purchasing this property. This commercial property is an auto repair shop with a very large parking lot currently valued by the Fulton County Tax Assessors office at $185k and sits right across the street from the historical west end MARTA train station. I won the bid/purchasing the property for $89k. I have put down the earnest money of $4k certified funds, written out to the closing attorney. I have $64k in cash, If possible, I would like to bring to the table 25% down payment of $89k and have some cash left to renovate the building. All renovations and construction of a 20ftX30ft addition to the building will be completed within 60 days of purchasing the property. I will be able to pay off the loan balance within 4-6 months. After renovating and adding the addition to the property, according to comprable data, the property will be worth between $380k-$600k.
For financial institutions and investors that do not do any deals less than $100k, I seek to purchase the above commercial property for $89k and a multi-family home/triplex for $32k, the deal totaling $121k. If possible, I would like to bring 30% as down payment of the $121k. The property (triplex) is now listed for $50k, I have negotiated with the listing agent to purchase the property for $32k. This Triplex is a very profitableproperty that is located on Cascade Rd in a commercial district. It has the space for another 1 bedroom studio setting, needs some work done to it. I own a property next door to it that I bought for $32k in the past and after renovations the property is now appraised for $190k. 3 weeks ago I got an opinion from a licensed appraiser as to how much the property will be worth within 4 months after completing all remodeling work on it within 30 days of purchasing it, the appraiser's opinion was $160-170k. Any and all remodeling work on the triplex shall be completed in 3-4 weeks from the date of purchase. I intend to rent/lease out the triplex, i also have tenants lined up that are very interested in leasing a property in the area. I intend to refinance the property and pay off the total loan balance in 4-6 months.