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Updated over 10 years ago,
Seeking Advice for Private Lender Terms on SFR Acquisition
I have a package of 6 houses I am trying to acquire and am wondering how to structure this to make it attractive to private lenders. Seller is a really good landlord, has made significant repairs and is going to hold onto these if I don't buy because of the strong income. His wife just got a great job out of town so he's moving. Here are the details:
* 6 properties
* $116K PP ($19,333.33 per property)
* $4,200 gross income
* 4 of 6 have Section 8 renters
* All have many new systems including roof, plumbing, electrical, HVAC, etc.
* Value approx $180K
I was thinking 15 years @ 12.5% due in 2-4 years.
Would that get investors attention?
Thanks!