Multi Family Financing

[Patrick Wood]

I am a general contractor/RE investor. I currently have 18 single family properties and would like to get into multi family. This property is owned by another contractor that is retiring. It is very well maintained. It is adjacent to our local college, so the vacancy rate is very low. It has an approx. $40,000 NOI and 13.6 Cap. I have not made an offer yet. They are asking $350,000 but I heard they will take $300,000.

I am looking to refinance an existing commercial building I have for the down payment. Last appraisal I had it was worth around $130,000. I don't know what is the best way to finance or most realistic. Private money, or long term (which I think is what I want) There are so many financing companies out there. I would appreciated any recommendations or advice I can get.