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
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
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.
What does your credit look like, and do you have anything to put down?
Poor credit and nothing to put down.
Yes, this could potentially be a good deal, what are the yearly income, also, you may consider getting a partner on this deal.
The yearly income is $158,400.00.
Do you have any property you could cross collateralize?
I don’t have any at all, in fact this will be my 1st deal.
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.
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?
A HML probably would but imagine 1.2 M @ 18% Interest. How long are you going to keep this?
I plan on keeping this for a very longgggggggggg, time.
I’d say 20-30 yrs.
I’d definately go private money…or partner