First big multi family opportunity!!
Hi all, I am a investor that has 3 properties currently that all do pretty well in cash flow, but I have an opportunity to purchase a property that has a 4 plex and 2 duplexes in one deal.
The asking price is 1.4 million and cash flows currently $7700 a month Which could easily go up about a $1000 monthly with no improvement. I am struggling with the down payment obviously as I do not carry $350000 cash in my pocket.
2 properties that I own I would be willing to part with if it would help me get this one. I owe a 112,000 on and it would sell for 300,000 that cash flows 1900 a month. The other I owe a 130,000 on and it would sell for 250,000 and cash flows 1300 a month. Still leaving me a little short I am not sure what to do or what other investing options I have to come up with a down payment for the loan.
Any help or advice would be greatly appreciated.