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Updated almost 9 years ago,
Approaching a bank for funding
A local investor whom i've gotten to know over the years is looking to unload his properties, 4 properties 16 total units. Cap rate he's looking for is low (5-6%) I'm hoping to talk him up to 8%. My question is I'm cash strapped right now and need financing, how can i approach a bank to get 100% financing? has anyone done this? What are the best strategies?
These units are in a very desirable area and i don't want them to hit the market. In addition they are all adjoining (or across the street) my current 4 unit.
Current situation;
1 - 4 unit, cash flow positive, needs updating have decent equity
1 - 3 unit, cash flow positive, owned through a partnership, there are restrictions for pulling $$ out
1- 2 unit, cash purchase, only one unit rented rehabbing the second. once complete (May '16) will mortgage the equity balance.
Thanks in advance!