Financing for a 17 unit - Posted by William
Posted by William on March 30, 2006 at 11:12:24:
I have a 17 unit complex that I am selling. It was a roadside motel that has been converted into efficiency apartments. The main building is on one level with 14 units. There is also a triplex on the property. When I purchased it, it was in horrible condition with many of the apartments uninhabitable. All of the units are now livable, and I have a buyer that wants to cash me out. Actually my buyer is my property manager.
It grosses approximately $4400/mo. Five of the units are currently vacant.
Sale Price: $250,000
I am trying to assist my buyer by exploring financing options. Any ideas? Any help?