Updated over 9 years ago on . Most recent reply
And advise on funding for this property?
I want to buy a property that's $714,000. The cap rate is 10%. The apartment is 16 units. 134,500 gross and 100,000 NOI It's located in NY. I have no clue how to find funding.
Any advise on funding options? This is a deal I don't want to pass up.
Most Popular Reply
The expenses are most likely underestimated. Are you able to analyze the property and put together your own pro forma? The true NOI is probably somewhere in the $80k to $90k range but take that with a grain of salt since I have no details on the property.
Your bigger problem is that your essentially seeking 100% financing for the acquisition. I don't know who would lend it to you but maybe someone else on BP has an idea.