Help and Ideas needed for Financing

[David Rivera]

Good Afternoon BP,

So this is my dilemma......

I am looking to finance a deal that has come my way and I was looking to see if there was anyone out there that could help or give advice. Here are the numbers>

Purchase price $600,000.00 (11 units, Ten 2bd and One 3bd)

Yearly Rent Income 158,400.00

Yearly Expense-

Tax Expense 19,692.78

Condo Charge Expense 35,217.12

Repair and maintenance 6,000.00

Insurance 2,750.00

Vacancy Rate 15,840.00

Total- 79,499.90

NOI- 78,900

Cap rate- 13%

These figures do not include debt service...

I currently own Two 2 bdrms ( paid off) in this 36 unit building. Purchasing the 11 units will give me enough ownership to become the president of the association and reduce common charges. The biggest expense to the association are water and sewer dues. It is currently a 35,000.00 expense. I would sub meter every unit and eliminate the water and sewer expense. This would reduce common charges significantly. The long term plan is to purchase every unit in the building.

Thanks for the help!

Dave-