Updated about 7 years ago on . Most recent reply
Need help analyzing four plex. My first four plex
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Hi guys! Im a fairly new real estate investor. I have a few mobile home rentals but want to buy a four plex this year. I came across this property and it looks like potentially good deal. A few questions though...The number I put in for rent was based on what I found from rentometer. The current rent they are getting is $2900 for all four which if it stayed that way would not make this a good deal. Some major capital expenditures were recently done and seems to be in a good area. I would love a second opinion on if this initially seems like a good deal or not based off the report and then my second question is if there are any creative ways I could finance this. I don't have $80k cash for down payment and initial maintenance so I am trying to figure out how to make this work. I do have some cash and a line of credit but I couldn't swing this on my own. If I used hard money for the down payment I don't think I could cover the mortgage and cover the hard money loan and if I borrowed down payment and rehabbed it and refinanced I don't think I could pull enough out to pay back the initial 20%. Any feedback, opinions or advise is welcomed.Thank you all who participate in this great community!