Scranton, PA 7 Unit
Hello I am looking at purchasing a 7 unit apartment house near a college. I agreed to a price at a 9.5 cap, however I would like to come down on price to increase my cap rate, any suggestions? I know I will be getting an inspection so I'm sure I can go off of that. I also asked if they would seller finance the down payment and that didn't go over to well either. Please let me know there are any other creative ways?
#4 Wholesaling Contributor
- Investor
- Tampa, FL
Hey @Jodie Fae,
What's the avg cap rate for a multifamily in your area? Here in central Florida 9.5 cap rate, it's a steal. Tampa's avg I would say it's around 5-6%.
You can use hard money for the down payment and rehab if it needs some cosmetic, if not you could bring a financial partner onto the deal to cover the downpayment.
Good luck!
If it’s in good shape, that’s a really good cap rate for a 7 unit! Is it rented for next year?
