Looking for Parnership

[Luis Herna]

I am looking for a partner investor for down-payments to buy Multiunits properties in Tulsa Ok, U.S.
Tulsa and Broken arrow rank one of the best places to live in the U.S and population is growing fast. 

Here is one of the properties available:

1. Multifamily of 173 units.
2. Price per Unit: 68,000 - total: $11,764,000.
3. NET NOI: $1,267,000 (after expenses).
4. Cap Rate: 9.46%.
5. Occupancy: 70%
6. Financing: Fannie Mae at 5.36% or DCSR %6.7

Investment: 

1. Down-payment: 10% to 20% depending of the loan, Some part can be seller finance. 

2. Equity and NOI: 50%/50%

3. Down payment goes back to the Investor if property is sold.

This is what I will do:

1. Negotiate property purchase price and bring it down 10% to 20%. Explore seller financing options.
2. Provide on-site management, maintenance.
3. Build a team to quickly and effectively rehab units to bring occupancy rate to at least 90%.
4. Aggressively reduce operating expenses to significantly increase Net Operating Income (NOI).
5. Ensure property is well maintained and long-term property stability.

[Luis Herna]

Quote from @Gino Barbaro:

@Luis Herna

Are these actuals? You are not getting Fannie with 70% occupied.

Hi Gino, well, just learned I can get this property via Sub To and if the lender demands loan to be paid in full ok let's refinance. I think getting a brand new loan vs  refinance are treated little bit differently