Needing to find some private money
I'm looking at a 16 units apartment deal. It is solid. Built in the 70's. Could use some slow updating but is all currently rented.
It is really 4, 2 story town houses side by side with 4 2/1 units in each house. There are some value adds that can be done right off such a as raising rent to market.
Here are the #'S on it:
Appraised -650
Asking-480k
Down-15%
Tax - $6k
Ins-10k
Mrtg-2800 per month
Rent income-6400 (market here should be $500 per unit, or 8k)
What are your thoughts on this deal?
where do you guys find private money for a deal like this?
How would you structure a private money deal for the down payment on this property?