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Deal analysis this investment property
Can I please pick your brains a little? Here it goes. I currently have a 4 Plex under contract for $750,000 in a nice part of Phoenix. The arv will be around $1,050,000 on the extremely low end.
To finance the deal, I'm thinking of using hard money and heloc from 1 of my properties. Hard money loans are crazy at this point and the numbers don't check out with a hard money loan. Which is making me second guess it all. With hard money loans I'm getting 10% interest rates (wish I could find something in the 7% range, with 10% down payment). If you can get me something in my range, please shoot me a DM.
My exit strategy is to refinance ASAP when all the work is done to a 30 year fixed as the property is off market.
It can rent for up to $6500 to $7000 per month for all 4 units when fixed up.
Is this a solid deal?