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Updated over 3 years ago on . Most recent reply

User Stats

15
Posts
3
Votes
Ben Parrish
  • Real Estate Broker
  • AR | TN | MS
3
Votes |
15
Posts

6 units, Midtown, Memphis 38104 - financing advice needed!

Ben Parrish
  • Real Estate Broker
  • AR | TN | MS
Posted

Good Evening, BP!  I have always heard if you can find a deal the money will find you.. Well here is the deal: 

6 condos in a complex

Avg rent roll $700 / market is $800-900

HOA is $180 a month per unit

3-4K in Reno as tenants turnover is needed
Seller will take 290k for all 6

I do not have the liquidity for 20% down and do the renovations. 

Seller is Not open to seller financing.

I am a Rookie, and do not have an established commercial lender relationship.  Looking for advice, ideas, recommendations. 
thanks in advance 

Ben

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