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Updated over 8 years ago on . Most recent reply

User Stats

64
Posts
9
Votes
Dan Cho
  • Latham, Ny
9
Votes |
64
Posts

Help Financing 1 Duplex & 9 Unit Apt on Same Plot

Dan Cho
  • Latham, Ny
Posted

So I recently came across a deal where there is a duplex with 3/2 bath and 2/1 bath upstairs. The plot also contains 9 studio apartments. I have some heloc available and I will outline that information below.

Purchase Price: $575,000

Revenue: $100,183

Expense: $33,355

NOI: $39,113

Seller Willing to Finance with 30% Down: $172,500

HELOC Availability: $220,000

Appraised 6/2016: $575,000

2013-2016: $200,000 in Renovation, proven with Tax Return

I was hoping to use the HELOC for a down payment. Are there any loans out there that would help me purchase this?

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