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Jim C.
  • Renter
  • Chelmsford, MA
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Need some financing ideas for a 5 plex

Jim C.
  • Renter
  • Chelmsford, MA
Posted Aug 3 2008, 10:46

Need some financing ideas for a 5 plex

I finally found a property that looks good…so far.

Here is what I know:

5 family building
Property consists of 2 one bedrm units, 1 two bedrm unit, 1 three bedrm unit & 1 four bedrm unit. Plus a garage w/an attic & bsmnt. The owner currently rents out half of the garage for storage only at $75/month. 3 off street prking spaces. 5 new hot water tanks, 4 new htg systems & updated elec.
HAS ONE ILLEGAL UNIT CONSISTING OF 4 RMS, 2 BEDRMS & 1 BATH & RENTS FOR 760/MONTH.

House was built in 1910 so I’m sure it needs some TLC
Assessed for 385K
Asking 395K
Monthly income is $3500 currently all units leased. I don't believe the side money is factored into this.
Taxes in 07 were $4090

I am a first time buyer so I don’t know if that helps at all. Credit score is around 675 and I only have about $10,000 for a down payment.
Any suggestions on the best way to get this done?

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