Financing on a 6 unit in NYC
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!