Real Estate Deal in Prime NYC Area

[Andrew Martin]

Hello BP,

I currently have a deal on the table that I need advice on

Its a 3 family home in a great part of NYC

The owner is selling it to me for 1.2mm ( due to family unrest) , the value of the home is 2.1mm

The units rent for

1 bed - $2500

2 bed- $3000

3 bed/2bath - $3400

How do I approach a hard money lender/private lenders to raise cash?

I have financed my deals to this point with my personal money.

I can flip it for a healthy profit but I also wonder if I cash out refi such a large amount to pay my investor back since I am acquiring so low a price.

Would a hard money lender balk at me asking for close to 1mm the first time I work with them? Or is it all about the deal?

Thanks in advance for the advice.