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Updated over 2 years ago,
Financing for a 6plex
I'm looking a purchasing a 6 unit in Terre Haute Indiana. The purchase is 60k and it needs 100 to 120k in renovations. ARV is hard to say as there aren't that many comps for 6 unit buildings in the area. However the net monthly rent after tax, insurance and management is around 3,000 a month. A HM loan could work if I knew that the refi would be easy. However standard residential is up to 4 units and commercial loans are hard to come for a 200k loan. Anyone have any ideas or lenders?