Posted by John Butler on June 08, 2000 at 12:23:12:
nt
Help me structure a mid size multi unit deal - Posted by Natasha (Md)
Posted by Natasha (Md) on June 07, 2000 at 21:09:57:
The property is listed at $365,000
It is a 15 unit property 9/1br 6/2br
GOI currently $57,200/yr could be increased to $70,000
Expenses currently $16,500 (taxes are $6000!)Self contained units, landlord pays water.
NOI currently is $40,700
Apartments need some updating (carpet& paint)and a new roof ($10,000) and rents can be raised $100 an apartment
Good revitalizing historic neighborhood
Seller has current mortgage of $150,00
A realtor is involved
I have experience managing units
Building is historic and I hope to get low interest loan gap financing from Historic trust society. Where and how do I go about getting financing for this propety as a no or very low money down deal. Everywhere i look the highest cltv for multi units is 80%. Any creative financing techniques i could use?