Looking for a short term lender for a 8 unit brick apartment building near a college and hospital. All investment will be paid back in one year or less and secured as a second mortgage.
Here are the numbers as they sit for verbal negotiations:
Monthly Income: $6,000.00
Monthly Expenses: $3,529.61
Monthly Cashflow: $2,470.39
Pro Forma Cap Rate:18.01%
Total Cash Needed: $49,000.00, I will put the rest down, Currently only need 20K
Cash on Cash ROI: 60.50%
Purchase Cap Rate: 18.33%
This is a killer deal. If you would like to know more about the property or have any question please let me know. Thank you for your time!
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