Financing On A 6-Unit
I have located a 6-unit in Illinois. The property is master metered, and vacant. The current owners had it fully rented for 2650/mo and furnished everything. They quickly went broke. I have had an associate inpsect the property and confirmed the condition of the units will get the listed rents.
The property would need a mechanical rehab to make it profitable. I have gotten preliminary estimates to convert the building to seperate meters for each unit.
I have gotten rough estimates for electrical, new boiler, and insulation. The worst case scenario is 25K for the work.
They are asking $110,000, and I have 35K to invest.
I would prefer to pay for the electrical work and heat with cash, and finance the insulation or doi it later in the year.
If I pay cash for the electrical, my down would be around 25K. One of the principals has a FICO score over 700.
Any suggestions or lenders be interested?
Comments(0)