Where to start with financing?
Long time no post, folks!
I have a deal in front of me, and to be fair I have merely viewed the listing, looked at the property on Google Maps, and run a few of the basic cashflow, value-add, and NOI numbers. So with that being said, maybe I'm wasting my time looking into it, but I'm always looking to learn something new in this crazy investing world.
Here are some property details:
• 22 apartment units
• 22 self storage units
• Operational laundromat
• $1.3M asking price
• Significantly undervalued due to under-market rents.
• Value-add with rehab potential.
• Growing area centered between two of the largest population cities in the state.
• Within just a few miles of 3 different college campuses.
• Walking distance to the city downtown center.
Overall, I see a lot of potential. I live close enough to self manage, and have the cosmetic renovation, business, and landlording experience from the 3-unit that I already own.
My problem is capital. I don't have liquid capital to fund the down payment, and I don't have the necessary connections to bring other investors in on the deal.
This deal is located in Central Maine. So if you're an investor with capital in the area that may be interested in looking at the numbers, I'm always open to chat!
Thanks BP fam!