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Updated about 6 years ago,
Advice needed on a 11 unit under contract
Advice wanted and needed:
My company has historically invested in 4 unit apartment buildings and this is our first venture into a 10+ unit.
I have a 11 unit apartment building that I recently put under contract. I am looking for advice on how to secure private financing, or investor financing to close in 30 days as well as secure rehab financing.
I was able to get the property under contract due to a distressed situation, where the owner ran out of money and was unable to finish the project. The property has all new windows, and has been gutted and prepped for renovation. The ARV is $475,000 including 90% lease up. I was able to secure it for $250,000. Needs about $8000 a door in renovation costs, but great upside and will rent for $600 a unit.
Any help would be greatly appreciated!