Needing Advice on Sellers Request for a Cash Deal

[Ted Klein]

Hello Fellow BP'ers,

I'd like to reach out for advice on a potential deal I have found. I have ran the numbers and it appears that this is a good deal. This is Two Townhomes sold together as a DUPLEX. Each unit is 2 bed/1.5 bath and attached garages on separate parcels that has recently been remodeled. The pictures both inside and out look very good so I have not accounted for any initial repairs as it has recently been remodeled and it is currently occupied.

Asking Price: 275000

Monthly Income: $2,500.00

Monthly Expenses: $2,054.40

Monthly Cashflow: $445.60

Vacancy (8.3%):	$207.50	Repairs:	$125.00
CapEx:	$200.00	Water & Sewer:	$87.00
Insurance:	$133.00	P&I:	$987.90
Property Taxes:	$314.00

Problem is they are asking for cash sale only and I fall just barely short of having enough to pull this off and still have a comfortable reserve. This is in the Seattle market and is a very competitive market so there will likely be multiple cash offer bids.

My question is:

1. Is this a good deal?
2. Should I be looking for partners or should I be looking for hard money lender's to get the deal done and then do a cash out refinance after I close?
3. Any recommendations for good hard money lenders in the Seattle area?
4. Do I need to talk to my banker to explain the deal and ask about a cash out refinance without a seasoning period?

I have been pre-approved for my loan and have excellent credit with a very low debt to income ratio so I wouldn't think getting approval shouldn't be a problem with hard lenders or closing on my pre-approved loan. Any tips on ensuring that my bid is accepted, other than escalation clause, short closing, quick inspection period, etc...

Not really sure where I should be looking to move on this deal. I have never worked with hard money lenders so not really sure how to proceed in that direction.

Cheers,

Ted