I need a advise & a lender,,,like YESTYERDAY!!!

Financing, Hard Money Lenders, Private Money
1

Hello everybody, I’m a newbie to real estate investing.

I’m interested in multi-family properties and have just found 1, well actually 6 multi-family units with a total of 24 units. Here’s a slight discribtion of it.

24 units, 28,000 SF

2.00 Acres

Occupancy is 95% @ $550 a month each unit

Priced at $1,200,000.00 , (but want to offer a little less)

Cap Rate: 11.00%

Built in 1985

Parking Lot ratio: 4/1000

FMV $1,654,000

this looks attractive to me, tell me how to approch this as far as (well everything) including the offer. I’d like to get it and keep it for a while.

Is this a good 1 or not?

I’ll need a lender to work with me on this too. hmmmmmmmmmm, now that’s the part that’s kinda scarey.

Any and all advice is welcomed.

thank you very much.

2

What does your credit look like, and do you have anything to put down?

3

Poor credit and nothing to put down.

4

Yes, this could potentially be a good deal, what are the yearly income, also, you may consider getting a partner on this deal.

5

The yearly income is $158,400.00.

6

Do you have any property you could cross collateralize?

7

I don’t have any at all, in fact this will be my 1st deal.

8

With 24 Units in 1 loan it’s going to be a commercial loan, with excellent credit they can go 90-100% LTV, unless anyone else has any advise, I’d say try to find a partner or a private money lender.

9

So there’s no way that a hard money lender would get involved with this?

So do you know of any private lenders that might want to get involved with this?

10

A HML probably would but imagine 1.2 M @ 18% Interest. How long are you going to keep this?

11

I plan on keeping this for a very longgggggggggg, time.
I’d say 20-30 yrs.

12

I’d definately go private money…or partner