12 Units In "Hooterville"
I came across a 12 unit property in Southern Ca. for $695K.
It is in a small town in Imperial County, about 170 miles south of Los Angeles.
The population is about 2500, there is a prison in the immediate area which accounts for much of that population.
The units are all 2/1, built in 1990, fully rented out at 450 each.
Is anyone on the forum familiar with Imperial County, and more specifically Calipatria??
It is in a small town in Imperial County, about 170 miles south of Los Angeles.
The population is about 2500, there is a prison in the immediate area which accounts for much of that population.
The units are all 2/1, built in 1990, fully rented out at 450 each.
Is anyone on the forum familiar with Imperial County, and more specifically Calipatria??
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Do you own the 6 flat free and clear?
Probably 90% LTV is the best you can borrow against the existing 6 flat. I.e. $342,000.
Exchange your equity for his. Difference is made up with new loan on his and he carrys the remainder.
Please explain how to exchange equities thanks