6 unit multi family cash cow
Hey BP,
So i have found a property that is 6 units with each unit being an "efficiency", besides one unit being a 1 bedroom. The list price is under 200k and rent revenue seems to be at LEAST $2150 a month on an $1100 mortgage. Tenants will most likely pay all utilities minus water and sewer ($100/month). Would be using a property manager (220/month) which would bring cash flow roughly to $800 starting out. Now, financing is my biggest concern. I do not have the capital to put 20% down. However, how can I go about getting private money to pay for the down payment and then cash out refinance in 6 months to pay the lender back and have enough equity to now put down enough capital myself on another property? I understand I would have to get a commercial loan so how would that work with a refinance?? The property is also turn-key and was completely gutted to studs and rebuilt about 5-6 years ago.
I understand this may be hard to follow so let me know if I need to explain further.
Most Popular Reply
@DeAndre Mason where is this? You will also have to find out if it conforming or not. Always worried when efficiency is used right after a remodel and deal seem a little too good. Is it zoned for 6 units? I don't know where 350/month rent gets any tenants where you won't be having rent loss issues. However if all those numbers are true and the deal use the network tab up at the top and start searching. Or reach out to a PM or agent and ask who they use or see being used.