I have acquired a private lender who will cover the downpayment of a $500,000 fourplex. Just to be sure... When I refinance after a year, will I have enough to pay back the lender plus interest? (Forgive my naivete.)
Not enough info to answer!
What's the current market value? Are you renovating it? What's the ARV? What's the LTV of the refi? What are the terms of the HML?
Not renovating. It's a beautiful place on three acres. Current Market Value is $479,000. Three units bring in $1,750 per month. The fourth unit brings in $850. What's LTV?
@Robert Mueller-Owens A 4 plex over 3 acres of land sounds like a lovely property but the ratio of building to land might not be a property type for all lenders. However since there is so much uncertainty in the market at this moment, this criteria could change. Lets connect in a few months to see what we can do for you.
Well, I am not looking at that particular property anymore, but I am going to buy a duplex before year's end. I have an investor for this purchase, but I just wanted to chk in with you as its been eight months since we last communicated. I hope you are doing well and that business is thriving.