looking for creative financing options on a 9 unit STR property
I am looking at a place that is set up for 9 rooms (units) that is used for STR. This place interests me, because it comes with a liquor license.
property is listed at 1.4M.
- 8x 1bed units
-1x 3bed unit
-Used for STRs
-Needs repairs, I venture to say 200k (install pool, paint, split units, etc)
-Can negotiate liquor license with property
Bank Finance
- 1.4M with a down payment of 280k
-NEG: leaves no cash to do repairs
Seller Carry back
-Bank note half or less $500-600k
-Seller carry back $500-600k
Pro: leaves me with cash to make repairs
Other thoughts? I meet with the seller again Monday.