Seeking $900K to Purchase 4 Unit Apartment Buildings in Las Vegas, 90% LTV, 730 FICO, 8.5 CAP Rate

I am seeking $900K to purchase (5) 4 unit apartment buildings in las Vegas. Each building cost $200K. 5 buildings x $200K = $1,000,000 total cost.  My FICO is currently 730. I already own a 4 unit building in Las Vegas with zero vacancies.  

Purchase Price                    $200,000

Down payment                    $20,000

Improvements                     0

Closing Costs                      $4,000

Total Cost                           $224,000

Cash Outlay                        $23,000

Financing Assumptions                 

Down payment                   10%

Finance Amount                $180,000

Down payment Amount       $20,000

Interest Rate                     4%

Mortgage (Years)               30

Mortgage Payment             $859

                                                Monthly            Yearly            Multiplier

Revenues                                                                                  5 Buildings

Rental Income                                $2,000         $24,000               $120,000

Vacancy Rate 12%                         $240           $2,880                  $14,400

Net Rental Income                          $1,760         $21,120               $105,600

Other Income                                 $100            $1,200                 $6,000

Gross Income                               $4,100           $22,320                $111,600

                                                Monthly           Year 1                  Multiplier

Expenses                                                                                 5 Buildings

Property Taxes Annual                 100             $1,200                $6,000

Insurance   Annual                        90             $1,080                   $5,400

Property Mgmt  (% Rent)               6%             $1,339.20             $6,696

Maintenance & Repairs Annual      1000           $1,000                    $5,000

Advertising Annual                         10             $120                     $600

Utilities Annual                               50              $600                    $3,000

Trash  Annual                               130            $1,560                  $7,800

                Total Expenses                              $6,899                    $34,496

Net Operating Income (NOI)                                                                     

Income - Expenses = NOI                                                                            

$24,000 - $6,899 = $17,101       x5 =  $85,505

Cash Flow                                                                           

NOI - Debt Service - Cash Flow                                                                  

$17,101 - $10,308 = $6,793         x5 = $33,965

CAP Rate                                                            

NOI / Property Price = CAP Rate                                                               

$17,101 / $200,000 = 8.5%                                                            

$85,505 / $1,000,000 = 8.5%

Please do not contact me with any scams. Do not ask for me to pay processing fees or application fees before funds are received into escrow.

Thanks,

Spelward Smart, LLC

Royce@Spelward.com

RoyceMBA@gmail.com

Royce.Jefferson@SpaceX.com

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Sent you a email!

Royce, if you don't mind working with veterans, maybe we can help.  Hope to hear from you.

Reggie Truss

The Michael Lewis Group

http://michaellewisgroup.com 

Royce,

If you haven't secured funding for your project, I would like to speak with you. Please contatc me at stephen.l.mitchell@gmail.com

We offer almost all types of Investments Funding. Including Mutual Funds, Business Loans, And Commercial Loans for companies, Real Estate Loan, Land and Construction, Vehicle and all way round Loans. if interested contact me at (samuel231rb@gmail.com) or (702) 674 7590.

Thanks

Our business is to prevent foreclosures,eradication of debt/poverty, removal of bankruptcy,repairing credits ,Home Refinancing and acquisition,funds for business setup,purchase and management and timing of funds to suit all investment strategies.Our Mission Statement is very simple…..Tell them honestly…Close quickly!

To get a full package about our services and how we can partner to fund your deals, please contact me through:


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