We are trying to finance an existing adult care home and our current commercial lender is offering 70% LTV roughly 6.5% 5 year fixed/25 yr amort.

Is there a way around it to get a conventional 30 year loan on a fixed rate for a 6plex?

I don't really care too much we usually gut all the houses anyways nothing we can't really fix. 

We always tell folks that are looking for fix and flip money, "You have to buy it right" meaning you better be getting 50% of the ARV if you want to have room for renovations and fees or renovations and ltv for end financing.Your statement that "the buyer should be able to withstand the chaos and take off" is interesting. 

The total expense to fix the property was $1850 but I still wanted to give him something.

The total expense to fix the property was $1850 but I still wanted to give him something.

A handyman/husband is a HUGE, HUGE help.My husband does the books including bookkeeping and accounting, bill paying and obtaining bank financing and he also occaisionally trouble shoots maintenance problems and suggests fixes if our handyman needs a hand and he uses his mad carpentry skills for renovating appartments. 

With old houses, things break fairly regularly so if you don't have a good local team to fix things, you will either frequently overpay for repairs or get bare minimum fixes that don't last very long. 

Maybe its time to schedule the HVAC filter change..... or say you found an issue with X (leaking window, crack in tub, peeling paint, bad flooring....whatever....) in the unit your are fixing and want to check if that's an issue is going on in the other unit too...lots of easy ways to have a look inside.....which you should be doing anyway on a regular basis unless you like suprises

Based on my calculations, I would lose around $2172 the first year because of the time needed to build up the money for repairs and then make those fixes.