Need help with a multifamily deal
So I’ve got a deal deal and I need help getting it done. I’ve got a property under contract. It’s 65 units for 1,500,000. The units currently are grossing $22,000. Vacancy is 60/65 units occupied. Deal is in downtown Tupelo in prime location. Probably is I can’t find the 300,000 banks want to have 20% down. Seller doesn’t want to finance any of it. The reason I think it’s a deal is because I have been able to get to him to agree to seller finance 1,400,000 for 3 months. In that time I’ve got to secure more permanent financing. How big of a risk am I taking. 100,000k is pretty much all of my business capital and this still is not 20% the banks want. I’m pretty sure the property will appraise for close to 2 million so there’s a lot of equity here. What are your ideas? Should I just back away and wait a few years?