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Updated over 8 years ago,
Help Financing 1 Duplex & 9 Unit Apt on Same Plot
So I recently came across a deal where there is a duplex with 3/2 bath and 2/1 bath upstairs. The plot also contains 9 studio apartments. I have some heloc available and I will outline that information below.
Purchase Price: $575,000
Revenue: $100,183
Expense: $33,355
NOI: $39,113
Seller Willing to Finance with 30% Down: $172,500
HELOC Availability: $220,000
Appraised 6/2016: $575,000
2013-2016: $200,000 in Renovation, proven with Tax Return
I was hoping to use the HELOC for a down payment. Are there any loans out there that would help me purchase this?