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Creative Real Estate Financing

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Ben Lockspeiser
  • Investor
  • Connecticut
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30
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Financing on a 6 unit in NYC

Ben Lockspeiser
  • Investor
  • Connecticut
Posted Nov 8 2017, 08:43

Hi All,  I have an opportunity on an off-market 6 family in Astoria, NY.  Here are the numbers:

6 Units Rent Stabilized Building, Semi-Detached Solid Brick

3 Car Garages And Wide Driveway.

Total Income : $132,600 Total Expenses: $28,120 Net Income: $104,480.

The building can be delivered with 3 units vacant.

5 X 2 bedrooms

1x1 bedroom

Delivered with 3 units vacant that could turn higher rents with renovating. 

Asking $2.5m for the building. 

I'm partnered with an electrician and carpenter on the project

I have about $300k cash for the deal, so I started looking at hard money lenders. Any ideas for creative financing for a buy and hold?

Thanks!

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