Newbie, Is It A Good Deal?
13 units mixed use, houses and apartments
asking price $775k
appraised $865K
annual gross rents $118K
ann operating expense $23k
well maintained no update needed
on acreage that can be developed, only 33% is developed, growing area, city services, town and country living-- bank financing w 20%dn 7.5%, 30yrs, trying to use private lender for down and ccosts-- will positive cash flow at $12k yr prior to development, is it worth it? how difficult to obtain development financing after obtaining? thanks
I have it under contract today for $800k, w/seller paying $25k ccosts, and will have the current appraisal for $865K tomorrow. entire piece is worth over 900k, will be verifying income and expenses. I have contacted a local mtg broker who says he has a private investor interested in the 20%hard money loan for temp. loan to purchase. Will the bank go 80% if I borrow the 20% in a 2nd? I believe expenses are correct. How do I go about obtaining the best deal on financing with no down? Is it possible?
I would be sure to get copies of the prior 3-5 years of tax returns to verify the expenses and capital expenditures made.