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Updated over 7 years ago on . Most recent reply
Hard Money or Private Lender..Input on my numbers Please
22 units = $10350
Vac loss 7% = $725
Rent gross= $9625
Operating Expenses = $3700
NOI = $5925 ÷ 12% cap = $49375 × 12
The value of my property rented
$592,500
The property sits vacant as of now .
And I still owe the previous owner 100k through ower financing.
I'm a electrician by trade and my plan was to make the major repairs ( electric, plumbing, roof ) when i could or had the time and i Just recently spent 55k updating the electriaI service with my own cash.. New metering and panels for each unit..
WelI got wind of a major neighborhood redevelopment project in the works right across the street from my building.
500+ unit apartment complex with mix use live and work space with restaurants and retail...
So let's just say my plans change a bit....lol
So I need financing to speed up the pace and match my rental property with the development being built in the area..
Where do I start.. ???