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Updated over 3 years ago,
Should I just forget about this deal?
Hi BP'ers,
Recently came across a packaged deal in PA (1x 4units + 1x 5units) where the seller is adamant about selling it as package rather than selling them individually. I am very interested in one of the building (4-units) and have more than enough funds to buy it with a conventional loan but like i mentioned, they want to sell both simultaneously to the same buyer. Not sure why or whats the reason and unfortunately my larger pool of capital is locked up in another property.
Asking Price $600K-$630K
Capital available $135K
Should i just walk away from this deal? How can i proceed with this? The lenders I've talked to requires min. 25% down and 20-years loan which would impact my cashflow/month. A bit new to 5+ units, should i set up LLC for this potential deal and new LLC will really drive up the interest rates.
Appreciate any kind of guidance here! Thanks!