Multifamily 32 unit 25% cap rate

Hello,

I have been investing for about 7 years now and I have seen the ups and downs of the market come and go. It has hurt me and my business because I got rapped up in the flipping and making good money but got stuck with some homes in good area's that lost lots of money.

My questions today is that I have a 32 unit apartment complex that is at a 25% cap rate and I have always been told that if you have a good deal that them money will come.

Maybe this deal is not that great because I cannot find the funding.

32 units
purchase price $320,000 ($10,000 a unit)
current rent $8500 a month ($12,860 fully rented)
needs some rehab work (new roof, walking decks up to code)

You can see that the property is currently a cash cow and after the repairs have been put into the property I think that the property will stay at 95% or more rented. I currently own 45 units in the same town and I have a 10 person waiting list to rent to but no vacancies.

If someone can help me figure out how to get the money that would be great.

I need $320,000 purchase price and $80,000 rehab money. I am looking for private or hard money but with longer terms than 90 days. I would need the loan for at least 1 year but would prefer longer.

Thanks,
Josh Harms
[LINK REMOVED]

Edited: 06/26/2010 at 12:13PM by Moderator : link in signature, please

Jon Holdman

Real Estate Investor · Wheat Ridge, Colorado

Moderator Pro

12,317 posts
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95 influence

Mar 25 '10, 12:55 AM

Moved over to the Seeking Financing forum since you're asking for a loan.

Are you also looking for an analysis of this deal?

Edited: 06/26/2010 at 12:13PM

Jon Holdman, Flying Phoenix LLC

Wayne Qualls

Commercial Real Estate Broker · Birmingham, Alabama

33 posts
50 influence

Mar 25 '10, 03:30 AM

Josh,

Give me a call, I may be able to help you out. See contact info below.

Wayne

Edited: 06/26/2010 at 12:13PM

Celine F.

Real Estate Investor · New Orleans, Louisiana

115 posts
1 award
50 influence

Apr 15 '10, 02:32 AM

This may or may not fit your project, but as you have mentioned, the deal is not a good deal if you can not get the financing.

I have a program that is stated, no income, credit, asset verification, and 20% down payment for commercial properties over $500k. Terms are 30 yr fix between 7-9% rate, and good for 7 years.

So if you run across another project that seems to fit this programs parameter, contact me for details.

Edited: 06/26/2010 at 12:29PM

Anita Jones

Real Estate Consultant · Spartanburg, South Carolina

50 posts
50 influence

Apr 15 '10, 03:00 PM

Celine,
I would like the information on your program for future use. Thanks
[EMAIL REMOVED]

Edited: 06/26/2010 at 12:29PM by Moderator

Eric Byrd

87 posts
1 award
50 influence

Apr 17 '10, 12:34 PM

Originally posted by Celine Fang

This may or may not fit your project, but as you have mentioned, the deal is not a good deal if you can not get the financing.

I have a program that is stated, no income, credit, asset verification, and 20% down payment for commercial properties over $500k. Terms are 30 yr fix between 7-9% rate, and good for 7 years.

So if you run across another project that seems to fit this programs parameter, contact me for details.

Does this apply in any state? 4 multifamily units, total of 73 units...$650k.... team2win@hotmail.com. Please contact me regarding this funding.....

Edited: 06/26/2010 at 12:30PM

Ann S

20 posts
50 influence

Aug 23 '10, 08:46 AM

I am working on some apartment deals also. Could you please send me an email with the information
ibuyapts@yahoo.com