Im looking to acquire a multi family. My target price for the property is approx 185K - 200K. The as is value is estimated at more or less 275K. I have already seen the property inside and know the condition of the property. I have personally inspected the property and have determined that with 20K in cosmetic the ARV is approx 320K. I will finance the improvements with personal funding.
Im a licensed RE agent and know the market very well. I have a 3 family bldg in the area and know that at 320K this is still a good hold investment for FHA buyer or other investor. At 320K rents cover mortage, insurance, water/sewage, and provides a positive cash flow on a monthly basis.
I have 20% equity or 40K on a condo for collarel and other properties with loans not exceeding value. I have a great payment track record and pretty good credit score. Im open for discussion on points and rate. Im currently unemployed so I cannot get conventional financing nor can I refinanc to use my equity.
Massachusetts has already bottomed out and property values are edging up. How would I go about finding a HML who will finance this deal, please let me know.
I called on the list a year ago with another opportunity I had but had no luck getting responces. I may try again on this deal and see if I can get anyones ear.
The goal is to option the property around the 185K range.
I have a couple of options:
20K cosmetic rehab and sell at around the 310K range
Resell “as is” around the 275K range.
Both option will bring in a conventional or FHA buyer who’ll realize net income cash flow.
If I could refinance to payoff a HML I would hold as the property is a money maker, however since i’m currently unemployed I would not qualify for refinancing.
If anyone is interested in taking on this deal I will present the numbers.