Posted by Ole AA/Fuel on August 10, 2009 at 08:35:30:
I can do this deal 100% all day long but your gonna have to have an ARV appraisal & an inspection-I might even J V it-contact me=thanks-Cobra
Multifamily property - need private lender - Posted by Dwayne Jones
Posted by Dwayne Jones on August 07, 2009 at 15:28:30:
Would like to purchase
190 unit apartment complex
Built in 1965 class D
property in Memphis, Tennessee
(64) 1 bdrm/1 ba - current rent $325
(126) 2 bdrm/ 1 ba - current rent $425
35% occupancy - distressed property
*has laundry but not sure of income
CAP rate 10%
Asking price $1,300,000
I plan to offer $1,100,000 and ask for $380,000 in repair credit.
Rental income $18K mo. x 12 = $216k
Expenses = $78K
Current NOI - $138,000
Economic value = $1,380,000
Looking for 70% LTV PRIVATE LENDER with possibly an equity partner if repair credits are not what I anticipate.
I need two years to reposition and rent 35% additional units (60 +/-). Total occupancy would be 70%. Rents would be raised on the newly renovated units to increase property value.
Re: Multifamily property - need private lender - Posted by James Harris
Posted by James Harris on August 08, 2009 at 13:09:14:
Do you have down payment?
Re: 100% Multifamily property - Posted by Matthew
Posted by Matthew on August 08, 2009 at 11:52:35:
I can do this with an FHA multifam loan but if your looking for NO Money down. I wish you luck.
Re: 100% Multifamily property - Posted by Dwayne Jones
Posted by Dwayne Jones on August 08, 2009 at 13:29:30:
Not looking for no money down, but I know I have repair to raise the occupancy and rents. I don’t have enough to cover downpayment and repairs. Just looking for a feasible solution.