All Forum Posts by: Michael Penny

Congrats on this deal!  Purchasing a 16 unit for all cash and will be looking to find a lender once stabilized.  Would love to hear who you used for your refinance if you are willing to share.

@Larry Pendleton congrats!  Would love to hear how this property is going for you and I would also love to hear about some of your details of syndicating a property of this size and purchase price.  I have yet to syndicate but plan to and have heard from many to not syndicate unless the deal is over 1M as the costs associated can hurt the financials significantly.

In my experience you will have a hard time basing the value on just the income with the 4-unit and the 16 unit's value will be based soley on the income.  So the 16 unit would seem like a better option if there is plenty of room to add value.

@Chris Grenzig how did your refinance turn out?  I am currently looking for a lender that we can refinance with once our 16 units are stabilized and would appreciate any info you are willing to share.

@Arijit De what did you ever end up doing for financing?  I have a similar property in MS.

@Givo Aghasi I have a similar property (16 unit in MS) and this will be fully occupied.  Should be valued around 1.4M

Are you able to look at this and see what you can do?

@Darryl Hoelscher @Weston O'Dell @Nicholas Ruscio I have a similar situation, I believe the stabilized value will be around 1.4M.

Gross rents: $12800/mo

Taxes: $667/mo

Insurance: $828/mo

No HOA

@Timothy Hero I have a similar situation, I believe the stabilized value will be around 1.4M.

Gross rents: $12800/mo

Taxes: $667/mo

Insurance: $828/mo

No HOA

Curious, did you pull the trigger on this?  If so, did you ever refinance?  I am currently looking for a lender for a 16 unit once it is stabilized.

@Jason Babos did you end up pulling the trigger?  If so, I am looking for a lender for a 16 unit and would appreciate any info you can provide for who you used.