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Updated almost 17 years ago on . Most recent reply
Need some financing ideas for a 5 plex
Need some financing ideas for a 5 plex
I finally found a property that looks good…so far.
Here is what I know:
5 family building
Property consists of 2 one bedrm units, 1 two bedrm unit, 1 three bedrm unit & 1 four bedrm unit. Plus a garage w/an attic & bsmnt. The owner currently rents out half of the garage for storage only at $75/month. 3 off street prking spaces. 5 new hot water tanks, 4 new htg systems & updated elec.
HAS ONE ILLEGAL UNIT CONSISTING OF 4 RMS, 2 BEDRMS & 1 BATH & RENTS FOR 760/MONTH.
House was built in 1910 so I’m sure it needs some TLC
Assessed for 385K
Asking 395K
Monthly income is $3500 currently all units leased. I don't believe the side money is factored into this.
Taxes in 07 were $4090
I am a first time buyer so I don’t know if that helps at all. Credit score is around 675 and I only have about $10,000 for a down payment.
Any suggestions on the best way to get this done?