Hello all,
I just contracted on a 5 unit building in my area(Central Ohio) for $60k. The building is worth approximately $150k(motivated seller). The gross rents are 1620/mo with actual rents at 1420/mo(one unit is vacant). I am looking for financing as this is actually considered commercial since it’s greater than 4 units. I have a FICO of over 700. I tried to use the equity in one of my other properties(SFH) via a blanket loan, but the lender would only do that if you have enough equity to buy the 2nd property outright. I have about 20k in equity in that property that I would like to use.
I also could come up with another 12-18k via low interest rate credit card lines if I needed to put down the 20% required by banks. Any ideas on how to proceed?