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Old 12-07-2006, 12:12 PM
lateralthought
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Default $300k built in equity

Hello all, i've found a deal with $300,000 built in equity. A family
friend acquired several properties in her divorce ande is selling one
of her commercial properties for $569,000 and as a michigan limited
licensed appraiser I immediately recognized the money in the deal.
Comps range from $779,000 to $1.2 million. Commisioned and built as the
catholic printing and distribution hub of michigan. Construction
quality can only be found in buildings commisioned by the deep pockets
of the vatican.

This deal to be quite frank is simply a money deal.

Sample 0 tenant usage:
%10 down ($57k) then refi at $890k pull out $300k. Carrying costs would
be 63k annually. You could literally carry this building for two years
and still have $173k.

If anyone else can see the intrinsic value in this deal and has the
capital to push the deal through contact me at
johnblazeindetroit@ yahoo.com act quickly as my sale option is up in 11
days.

Based on the comps I pulled independant of any major realty company, this property should be priced at $44 sf and at 21,000 sf we are talking about $924,000. This property was originally listed by NAI/Farbman (The Farbman Group is one of the largest and most respected full-service real estate organizations in the Midwest).at $850,000 based on the comps pulled. This is a no brainer deal, but, i can show you better than i can tell you. Make arangements to come and see the building very,very soon, and be sure to bring your checkbook.
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