Posted by Daniel Dawson on September 20, 2004 at 21:39:52:
dolly,
thanks for the reply, yes the rents are historically accurate, normaly for a 1 bedroom it is 350-500 a month. keep in mind that each unit has 4bedrooms&2bath, that is a total of 12, the bedrooms&bathrooms, the appraisal is right in line with this,last year it grossed 47,000, this year it should make 49,000, we are trying to go with a hard money lender, because the seller does not want to seller finance, and our credit, do to the last purchase of a duplex is not where we could get 100%, we need a few months to get our credit back, then we will refi. pay the points and have a property that will cash flow 2,000+ a month.
100% hard money needed for multi-family cash cow!! - Posted by Daniel Dawson
Posted by Daniel Dawson on September 19, 2004 at 23:26:59:
Hi, I need 100% hard money on a tri-plex @ $239,000. We are all out of down payment and credit do to our recent purchase of a duplex. Tri-plex is rented out through next summer in a tourist town of Duluth, Minnesota all 4bdr, rents @ 1500,1400,1200. This is a cash cow I could not pass up, I put $500 in earnest to tie it up. I now have all the docs.,inspection,appraisa($250,000),comps,purchase agreement,lease agreement. Last year it grossed $46,000 this year it should make $49,000+. I need 6-24 moth term 12%+points of course, 1st deed. I need to close by Oct.1st. thanks Daniel Dawson dawsonrealestate@Hotmail.com
Posted by dolly on September 20, 2004 at 19:48:01:
Did you check the leases to see if these are historically accurate or just made up for selling purposes… If there’s no history… you could get burned. AS to hard money… get seller to give you time… get a lender to go in on a first mortgage for the most you can get… trade some paper you might own…look at ads in your local paper for hard money.