Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Creative Real Estate Financing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago on . Most recent reply

User Stats

30
Posts
12
Votes
Ben Lockspeiser
  • Investor
  • Connecticut
12
Votes |
30
Posts

Financing on a 6 unit in NYC

Ben Lockspeiser
  • Investor
  • Connecticut
Posted

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!

Most Popular Reply

User Stats

30
Posts
12
Votes
Ben Lockspeiser
  • Investor
  • Connecticut
12
Votes |
30
Posts
Ben Lockspeiser
  • Investor
  • Connecticut
Replied

@Yonah Weiss the ARV would be around $2.75m I'm estimating based on similar buildings in the area. My other concern is that it's a rent-stabilized building with only 3 units delivered vacant.

Loading replies...