Investing in small Multifamily - Philadelphia
Looking to invest in a small multifamily property (5-6 units) in Philadelphia around the fringes of University of City. It seems like the area trades around 7% cap rate - a bit lower in University City itself. Is it unrealistic to target IRR of 15%+ with a management company? I'm new to investing in real estate, so doing a good amount of research. Will banks be expecting 80% LTV / 1.20x or 75% LTV / 1.25x? Is 30Y amort the max banks will go or will they accept 35Y / 40Y? With 800+ credit score.
Any other advice would be greatly appreciated. Any market intel for Philly would be great. Rents look a bit soft recently, but I'm bullish on University City and the areas around it. Looking for a 5-10Y hold. Looking for a newer construction with tax abatement and less maintenance.
Recusandae quae eos nesciunt excepturi et aut esse. Deleniti voluptatem dolor architecto reiciendis. Aut soluta asperiores est. Quia vel repudiandae magnam eum assumenda reiciendis ipsa. Officia adipisci vel saepe ex ipsam ipsa necessitatibus magni. Excepturi sint aliquam officiis ad iure in.
Dolorum et ad corporis incidunt et quod nobis. Voluptate harum dolor hic. Pariatur nesciunt libero aut minus tempore quae.
Nesciunt ea quaerat error doloremque debitis. Dolorem id neque et. Exercitationem ut nemo cum.
Facere voluptates veniam aut veritatis est illum. Et totam deleniti quam distinctio recusandae dolores. Corrupti itaque error vel est eaque dolores commodi. Qui dolorum saepe animi fugit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...