20-50 Unit Apartment Building #'s
I am trying to add onto the financial part of my business plan and had some questions about apartment buildings.
My plan is to purchase a 20-50 unit building in 2-3 years with profits I make from rehabbing and reselling properties which I am currently doing.
Is it possible to purchase a 50 unit building or smaller for $20k per door with rents being around $650 per door? Location does not really matter, but I am going to look into Texas.
Also what would be an estimate for loan terms be? In 2-3 years, based on your estimate, would it be feasible to purchase the above building with 30% down 7.5% interest on a 20 year term?
I am trying to get some better ideas on numbers so I can make more accurate projections, thanks.
*If this is in the wrong section, please move it, thanks.