I am purchasing 2 multi-unit properties in Wichita Falls, TX that has 12 units total. Purchase price is $112,000. I am seeking a loan for 70-75% of the purchase price. Units are 75% rented out with long standing tenants. 2 units are under minor renovation. We will continue to make renovations and rent out the additional units which will greatly raise the Cap rate. Current rental income of all units before expenses is $3,850 a month. Current owner wishes to trade up to a bigger project.
We are seeking loan terms that will make sense for this acquisition. We plan on holding this property long term and refinancing through a traditional lender at a later time. 3-5 year interest only terms would be preferable. Currently in escrow with a closing date of July 3rd, 2014.
Contact BrighterPathProperties@gmail.com for more
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