Description
There is a mortgage of $1.2 million at 5.09%. The seller is offering a management agreement whereby a prospective buyer can take control of the building. He needs his $200,000 in equity up front. The buyer can then take control of the building, pay the debt service at 5.09% and keep anything above that. You would have 3 years to come up with the financing to pay off the existing mortgage. There is a lot of upside potential in the rents because most of them have not been raised. The Heat bill has come down drastically and the taxes are being appealed. Also the seller is in the process of getting a new green card.