Funding Needed for Triplex near Beach in Florida

[Jessie Griffin]

Looking for a private lender to complete a deal on a triplex just 2 blocks from the beach in Pinellas County, FL. This would be a buy and hold, short-term AirBnB rental. I currently have a cash flowing rental property and have also completed a flip. I have not included address or photos as the offer has not officially been accepted and is contingent upon financing. Please take a moment to review the numbers below and let me know if you'd be interested in funding this cash cow. Cheers.

Purchase Price $275,000

Estimated Repairs & Remodel Updates $20,000

Closing Costs $7,000

After Repair Value $335,000

Equity Gain $33,000

80% of Purchase Price Financed through Original Loan -$220,000

Buyer's Personal Investment -$25,000

Total Loan Requested $57,000

Annual Gross Rent @ 70% Occupancy $40,000

CAP Rate 12% (under short-term rental estimates)

[Simmy Ahluwalia]

Jessie - your best bet here is to take a hard money loan for the acquisition and repairs, and then cash-out refinance out into a perm based on the ARV, and then pull back out some of your equity.

We can arrange the hard money financing along with the perm with just 30 days of title seasoning.

Email:  [email protected]