Updated almost 4 years ago on . Most recent reply
6 units, Midtown, Memphis 38104 - financing advice needed!
Good Evening, BP! I have always heard if you can find a deal the money will find you.. Well here is the deal:
6 condos in a complex
Avg rent roll $700 / market is $800-900
HOA is $180 a month per unit
3-4K in Reno as tenants turnover is needed
Seller will take 290k for all 6
I do not have the liquidity for 20% down and do the renovations.
Seller is Not open to seller financing.
I am a Rookie, and do not have an established commercial lender relationship. Looking for advice, ideas, recommendations.
thanks in advance
Ben