Multi Family Real Estate Funding
I have a property in Ohio City Cleveland which includes 2 buildings. The Ohio City is a very popular area with a lot of new construction and numerous rehab projects. One is a duplex & the other is a 4 plex with efficiency apartments. Both need a complete rehab. I am looking for any suggestions for funding to finance the purchase of this property & the cost to rehab. Asking price is $389K but I can purchase it for approx. $250.00. Rehab cost will be approx. $140,000.00 for both. ARV should be approx. $525,000.00 or more. Rental rate for the duplex is approx. $1,500.00 ea per month and $1,000.00 ea. per month for the 4 plex efficiency apartments or $7,000.00 per month.
Plan to refinance once the rehab is complete and units are rented. I would welcome any suggestions regarding this opportunity? Look forward to hearing from you. Thanks, Bill