All Forum Posts by: Rene' Casey

Wholesale or flip REO multi-unit? What would be the best way to structure the deal?

Multi-unit Property AvailableNorth Cental Texas, near major universityFinancial Summary Proforma
Year: 2009
Scheduled Gross Income: $185,760
Effective Gross Income: $185,760
Operating Expenses: $108,659.84
Net Operating Income: $77100.18
Tax Rate: 2.39%Unit Mix Information
1 Bedroom/1 Bath
No. Units: 25
SF: 460 avg.
Avg. Mo. Rent: $6002 Bedroom/1 Bath
No. Units: 2
SF: 830
Avg. Mo. Rent: $700

3-bedroom/2 bath
No. Unites: 1
SF: 918
Avg. Mo. Rent: $80028- Unit Multifamily Apartments, 2 bldgs.
18,753 sq ft Occupancy: 21%; (6 units @ $525/mo.; 1 unit mo.-to-mo.)
Year Built: 1964All information includes both buildings.Estimated Value: $529,794
Estimated Cost of Repairs: $250,000 (Professional estimate)
Estimated ARV: $840,000
Each building sold in 2005 for $450,000 for a total of $900,000Recent sales in the area with 2,000-4,000 less sq. ft. sold for average of $756,000.

Thank you for your help in advance.

"660, No Doc" Program, Investor rehab loans
100% of the repair funds so long as the LTV does not exceed 73% ARV (after repair value)
No max loan amounts
Max LTV calculation will include the purchase price, costruction costs, purchase closing costs, points, and an interest reserve for the term of the loan.
For loan amounts over $375,000, the max LTV is 68%.
6 month term. (We have permanent financing available via other lenders).
No monthly payments!
Two rate programs available.

This program is available in the following areas:
FL: Jacksonvilee, Fort Lauderdale, & Tampa Bay
SC: Greenville & Spartanburg
NC: Winston Salem, Raleigh, & Charlotte
VA: Richmond, Hampton Roads
DC: Washington DC
MD: Baltimore
PA: Philadelphia, Pittsburg

For more details, just reply to this post, as I am a new member and cannot leave my email yet.