MULTI USE BUILDING IN HOBOKEN NJ

[Johnny Lopes]

Hello! My name is John and I've been poking around for a while and listening to podcasts. I've found myself in a position of buying a family owned building. The building is currently owned by my Mother, Aunt, and a 50% third party.

They are interested in selling. Its a multi-unit, mixed-use building, with two store fronts, last appraised at 2.4 million dollars, however in discussing options with some brokers they feel a new appraisal may be as high as 3.5. 

NOI without a lien is, $203,230. Cap rate without lien at current appraised value is 8.4%, at 3.5 its 6%.

Based on preliminary qualifications it looks like I can get a cash out refinance of 75% which would buy-out 3/4 of the partners, but would need my mother to stay on. I'm not sure that's an option.

I'm wondering if anyone on here has some insight as to other options with keeping my mother on as a temporary partner, refinancing at a later time to buy her portion out. Also quite simply looking for investing partners to help purchase. I do not have the capital to front 25% needed for a commercial approval.