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First MF. Numbers add up?
Hello all,
Been lurking for a while and decided to join. I currently own 4 low income single family rentals. I'm always searching local resources (Shreveport, Louisiana) for advantageous deals. I've located a 4 plex and have gotten the seller down to $65k. The property should appraise well over $100k once I finish rehab. After having my plumber, electrician, and foundation guys do a once over I believe I can get all four units in great shape for around $25k. I would be all in $90k. The four units will bring in between $2600-$3000 per month. This seems like a can't pass deal to me. Am I missing anything?
Also,
I'm currently looking at all of my financing options. The credit union I've used in the past will lend to me on the property but I would have to spend a lot of cash, use credit cards, or possibly borrow from 401k to do repairs. I've just learned of portfolio lenders and wonder if this would be a good option. I would like to have the property financed and borrow money for the repairs. I could easily have this property on a 15yr and still have great cash flow.
Any help or guidance is greatly appreciated.