Need a lender for down payment for a 24 unit purchase!!!!!
Hello,
I found a gentleman willing to sell his whole portfolio (10 duplexes and a four-plex.) He wants 1.8 million for it. All units are in good condition. We need to come up with a down payment of $360k. The wife and I have $160k, so we need another $200k to be able to purchase the properties. Each unit rents out for $750 per month. So it brings in $18k per month. Our bank estimates our mortgage at 20 years to be around $11,500. I am a contractor so I can do all the repairs myself. I own two duplexes and manage 10 units for a friend on the side, so I have experience and wouldn't be jumping into this. This seems like a heck of an opportunity and I'd hate to see it slip by. All the duplexes are in their own sub-division so thats huge. What should I do to find the other 200k needed for the down payment. What are my options? Advice is welcome. Thanks in advance!!