All Forum Posts by: Amin Akhmadi

@Amin Akhmadi, I think you mean the loan is non-recourse (still have some provisions that could make it recourse), not unsecured, since it is secured by the real estate.

In addition to the net worth, they also require around 10% liquidity.

Thanks I appreciate the feedback. The current owner purchased it in 2020. 5 out of 6 units are currently rented. Tenants are on a month to month. The current rents range from $450 (efficiency) $600 (1 BR). The current median rent rate in that area is $875. I've estimated $80k in rehab work to force equity and increase the rents. I want to offer $375k but no more than $400k for the property. It's hard finding comps because this was a 4 plex that was converted into a 6 plex.