Loan amount
$290,000
Loan type
Purchase
{Fix&Rent}
After Repair Value
$600,000
{PP:$250,000}
ARV
48%
{ARV}
Property type
Multi-Family 5+ Units
Borrower Details
Credit score
700
Deal experience
6 deals
This loan scenario was submitted by a Broker
No
Property Details
City
Toledo
State
Ohio
Loan Details
Purchase price
$250,000
Down payment
$60,000
Cost of improvements
$100,000
Estimated property value after repairs
$600,000
Additional Loan Information
Its 12 units in toledo OH VALUE AD. purchase price $250k. Needs $50k to $100k in rehab.
7 units rented m2m, 5 need repairs and updates. building size about 6000 sq ft
STRATEGY. To remove all tenants, and fully update and renovate the property.
renovate all units with laminate flooring, and new cabinets and fixtures as needed, new roof, and mechanicals.
rent through VA at $623 per month per unit. letter for offer available to view.
Cap after all fixed and rented is 13.70%
Cash out refinance at 75% after stabilized and keep long term.
I have Liquid reserves for down payment and reserves for payments.
over 700 credit score
In real estate business since 1997.
Former real estate broker and builder. over 20 years property management experience.
Was retired and recently got back into the market, so I can build multy unit portfolio for my family.
Sold rehab in FL few month ago, and rehhabed and sold quad 2 years ago. sold unfinished home, and managing 3 properties for a trust.
Looking for 80% LTV for aquisition and 90% to 100% for construction costs.
7 units rented m2m, 5 need repairs and updates. building size about 6000 sq ft
STRATEGY. To remove all tenants, and fully update and renovate the property.
renovate all units with laminate flooring, and new cabinets and fixtures as needed, new roof, and mechanicals.
rent through VA at $623 per month per unit. letter for offer available to view.
Cap after all fixed and rented is 13.70%
Cash out refinance at 75% after stabilized and keep long term.
I have Liquid reserves for down payment and reserves for payments.
over 700 credit score
In real estate business since 1997.
Former real estate broker and builder. over 20 years property management experience.
Was retired and recently got back into the market, so I can build multy unit portfolio for my family.
Sold rehab in FL few month ago, and rehhabed and sold quad 2 years ago. sold unfinished home, and managing 3 properties for a trust.
Looking for 80% LTV for aquisition and 90% to 100% for construction costs.
Status
Open
Created
June 10, 2022 - 2:00pm
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