Updated almost 7 years ago on . Most recent reply
Financing Multi Family
My Name is Dave Fulkerson.
I’m an investor out here in St Louis. I’m looking to get financing for an apartment complex that is currently listed at $925,000. Talked to the agent and we should be able to get it for closer to $890,0000 - $900,000.
It is 20 units, all 2 bedrooms and one bath, contracted with Sect 8 (HUD) and is 100% leased.
My experience in real estate covers all the areas that would make this a good fit for me.
I’m a licensed agent and run a property management / real estate company here in the St Louis Metro area.
I manage 130 plus single and multi family units in the area, as well as own several rental homes of my own.
I recently worked with two other investors and we financed a 12 unit complex.
This property looks like a good investment.
I'm looking into the Freddie Mac Financing.
Does anyone have a recent example of the loan rate and terms. Talking to the loan officers so far, it looks like a 10 year term, amortized over 30 years.
I'm also looking for suggestions for the 20% down payment. Looks like I need $180K.
I plan on contributing my real estate commission into the closing costs and down payment, but I'm still pretty short. I'd like to bring on as few partners as possible.
Suggestions?