Fighting for this deal

[Nicholas Weckstein]

Hey guys. Would love some help with how to finance this one. Here’s the deal

7 units 2 buildings

4 vacant

2 rented to non lease having tenants

1 needs rehab down to new Sheetrock.

Purchase contract at 205k

Projected gross rents $54,000.00 !!!

Banks are giving me issues because it’s not rented and 3 separate lots on one sale.

The numbers crunch out awesome. I need like 3/6 months time to stabilize the place with some type of interest only note and then approach a bank for 75%LTV on a cash out refinance.

My other question is the appraisal on the cash out refi. The Net income for the building is 26k a year in a 8%-12% cap area. (Depends on what part of the township) this is in a good part for sure. (I own another in the same township.)

I’m just trying to figure out how to structure this for the acquisition and the finance/refinance side.

Any tips? Or pointers? Thinking of asking the owner to hold a note. Or take an interest only type of thing with him.