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.