Louisiana Hard Money Deal - Close

706

34 deals

Louisiana

We are very close to getting this 4-plex under contract. We are just trying to see if we can negotiate a short sale with the bank first to lower the purchase price from $78K. We would like to put as little money down as possible because we want to eventually cash out the lender with a permanent lender and a long term loan. The monthly rental income that we are projecting is $750 a month per unit, so $3,000 a month in gross monthly rent. We do not plan to occupy any of the units. The property is located in Baton Rouge, LA. We are primarily looking for a 6-12 month loan, but if you are able to finance the property with a 30 year loan, that could also work for us. Renovation costs are currently estimated at $74,580. Other miscellaneous costs are about $3,000; I just asked for more in case I run into anything unexpected. The conservative ARV that we have estimated is $175,000, but we think it might appraise higher.