Updated almost 9 years ago on . Most recent reply
Financing a 35 unit Apartment Complex
Hello, my name is Tony and I have been in real estate investing for over 15 years. I have stumbled across a really good deal. A 35 unit apartment complex which will require approximately $10,000 dollars in renovation per unit. The money will be used to bring the units into a more modern and standard efficiency. The are all 3 bedroom 2 bath units. The place has an occupancy rate of 54%. What I am seeking is a source of financing for this investment, either through hard money, private money, government funding or partnership. I believe I could have it financed through the bank with a one-third down payment. However, my money is tied up in other real estate deals at this time. Want to see if anyone has any creative financing ideas or a source of money that can help me flip this deal. Once I have the property fully rehabbed, occupied and seasoned, I'm sure I can refinance this property in 18-24 months through a traditional bank loan if need be. Need help right away!