Off market deal but no funding
I’ve set up a business for buying homes and started running marketing with the expectation to get some small fix and flips/buy and holds going but had no idea I’d have something this large come to me. I was contacted earlier this morning by someone wanting to sell their 30 unit property. Asking $1.5m but I believe I could get it under contact for $1.3m. The problem is, I have $50k available currently with access to about $200k more. Has anyone else been in this situation and could shed some light on where I should take this deal or pull funding together? I’ll also leave the numbers down below. Thank you.
Numbers:
Property taxes: $18k/yr
$14,433/ mo : Current income with 7 vacancies
$19,026 : Fully occupied
$175,283/yr : current
$227,127/yr : fully occupied
$82,020: expenses (excluding prop mgmt)
$93,735 : NOI Current
$140,395: Fully occupied NOI
8% CAP RATE fully occupied. (Adjust for 10% vacancy and its a 6% CAP)