Seller Carry & Rapid Offer: Northridge Multifamily Sale

Northridge, CA 913258810 Etiwanda Ave.

Property Type: Multifamily

Details

  • Year Built:1988
  • Square Footage: 8,062
  • Lot Size: 7,833
  • Units: 8
  • No. Stories: 2
  • Transaction Type: Sold
  • Zoning: LAR3
  • APN/Parcel ID: 2769-022-031

Challenge

The Seller, a certified public accountant decided to retire and as part of his retirement plans, was considering the sale of his 8-unit non-rent control property located in Northridge, CA. During our initial consultation with the Seller, he requested that we provide him with a few strategies for consideration, that would allow him to defer the capital gains, while also providing an alternative cashflow stream to replace the lost monthly income he would incur from the sale of his property. In addition, the Seller requested that if we were able to provide him with a way to defer the capital gains and replace the income, he would require that the property be sold quietly and off-market.

Solution

Our team of experienced brokers put together a comprehensive wealth preservation strategy which included offering the property for sale under seller financing guidelines. Upon presenting this strategy to the Seller, he elected to move forward with our team and agreed that the Seller Financing approach satisfied both of his requirements; deferring the capital gains, as well as providing him and his family monthly cash flow.

Result

With the approval of the Seller, we utilized our Rapid Offer platform and received several qualified offers from buyers interested in attractive financing terms. Ultimately, the Seller chose to engage an offer from our Legacy Partner Ben P. and after a short 45 days, we were able to successfully close escrow on the terms and conditions initially set forth by the Seller. This proved to be a win-win strategy, as we secured a qualified buyer, interested in growing their legacy, while providing the seller with the opportunity to defer the capital gains and generate passive income for him and his family. The seller has now happily retired and enjoying his passive income from the seller carry and our Legacy Partner continues to engage our services to exclusively represent him in his sales and purchases as he continues to build his real estate investment portfolio.

By: Lucrum
December 4, 2020

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