Hello All,
I have a good deal on a 10 family unit fully rented at 1150 - 1200 a month that I would like to purchase. The problem is so far the commercial lenders I know are no longer lender. I am located in new york.
Define “a good deal”. What are the parameters of the purchase? Acquisition costs, Rehab costs, utilities, etc.
The seller has agreed to a purchase prince of 525k. No major repairs right now, the hallways could use some touching up. Roof is good, the boiler is about 7 years old. Excluding the mortgage operating cost will be no more than $1000.00 a month on average, summer months will be lower than winter months (taxes, gas, hallway lights, etc.). Similar buildings in a three mile radius has recently sold for 978, 995 (four buildings down), and 1.1 in the last 4 months. I am willing to put down 20 - 25% but I can not find a bank to do it, not even for more of a down payment, I am being told they do not do commercial loans or they are not doing them right now. I even tried a bank that I currently have a building with, they are no longer doing it.
Are you still looking for financing?