Need Funding for 8-Plex

[Andrew Alvarez]

I am buying an 8-plex in Albuquerque New Mexico. I thought the seller was originally going to carry for at least 6 months, but I misunderstood.

Instead, I need to either secure bridge funding for 3-6 months or find long-term financing. 

Apartment complex is fully occupied and not in need of any repairs.

1 3 bedroom

1 studio

1 2 bedroom

5 1 bedrooms

Majority of rents are currently below market.

Example: Current tenant leaving next month paid $650 rent for a 1 bedroom. Raising rent to $950 and have 4 applications in 2 hours from just a placing a Craigslist ad with no pictures. Albuquerque rental market is on fire.

Current rent roll is $6300 per month before increases.

Purchase price is $610,000.00.

Thank you for considering. 

[Joshua Young]

@Andrew Alvarez

Hey Andrew, Albuquerque broker here, is the property on a single lot or are the lots separated? Anything more than 4 on one lot will require commercial lending, with 4 or less there are more options. Let me know and I can send you some recommendations either way. Thanks!