Need Loan for 4-Plexes - Posted by Kerry Gibson
Posted by Kerry Gibson on July 06, 2004 at 14:23:12:
My brother and I are wanting to form a LLC and buy a 4-Plex complex of 10 buildings, each costing $325,000, for a grand total of $3,250,000 (price cheaper if we buy all 10). Rentals per unit are $700 or $2800 per building for a total of $28,000 a month. Annual revenues are projected conservatively at $280,000 for 10 month occupancy rate before figuring insurance and property taxes in Idaho which are low. These units will make money because of their great location. A 30 yr. loan would be nice but other options are acceptable. This is not low income housing. My brother makes $55,000 annually and has equity in his home of $35,000. My last years income was $96,000 and I have equity of $100,000. Is there anyone out there who knows anyone or someplace where I can get financing for this project using the complex as collateral? Help!