All Forum Posts by: Jim Wilder
Jim Wilder has started 1 posts and replied 4 times.
Post: Offer accepted on 16 units, now what to do for financing?
- Gordonsville, VA
- Posts 4
- Votes 0
Well, number crunching shows the following:
Maybe its not such a good deal after all, depending on my down payment.
Post: Offer accepted on 16 units, now what to do for financing?
- Gordonsville, VA
- Posts 4
- Votes 0
Thanks for all the help, luckily I have a contingency to get out if I can't find suitable financing. It's a great property with $7050 income and ~$1700 monthly costs + P&I. I found the property on Realtor.com
Post: Offer accepted on 16 units, now what to do for financing?
- Gordonsville, VA
- Posts 4
- Votes 0
Originally posted by @Adrian Stamer:
Union bank, city bank, and first bank of Virginia are the banks I can think of off hand. That property sat for a very long time on the market, at that price I would get ready to start raising those rents asap. They are below market but the units are pretty small.
Thanks for the quick response and contacts!
Post: Offer accepted on 16 units, now what to do for financing?
- Gordonsville, VA
- Posts 4
- Votes 0
I'm a true newbie and just had my first offer accepted on a 16 unit apartment complex. It was listed for $723K and offer was accepted for $675K. So... how does the financing work? Is it based on projected income of property? I'm looking to let the property pay for itself and want to use a minimum down payment. All the units are full and it has a property manager with a waiting list for more wanting to rent. Property is located in Waynesboro, VA.