52 residential units..NEED HELP! - Posted by Rob

Posted by Will on September 10, 2007 at 11:10:54:

Hey guys,

I can get this loan done for you with my private lender. 90 day bridge loans are what we specialize in. Call me 917-674-7603

52 residential units…NEED HELP! - Posted by Rob

Posted by Rob on September 05, 2007 at 15:07:32:

I have the opportunity to buy a portfolio of 52 residential units. The seller is willing to hold 30%. Where should I look to obtain the financing, so far I’ve been unsuccessful in even finding a lender that will close this type of deal. Any advise would be greatly appreciated.

Re: 52 residential units…NEED HELP! - Posted by Ed Garcia

Posted by Ed Garcia on September 08, 2007 at 06:44:35:

Rob,

By the way of which youâ??ve presented your deal, youâ??re already showing your lack of experience in this type of deal. Youâ??re hanging your hat on the fact that the seller is willing to carry-back 30%.

Where I will agree with most of the viewers is not enough information.

The reason Kenneth Hocking suggested for you to contact me is the following.

If you go to the Success Stories on this site, on the 3rd page youâ??ll find an article titled ($175,000 Equity & $11,000 Cash on First Commercial Deal) by John Butler.

The bottom line is John was one of my students who had a 24 unit apartment building that he was trying to buy and went to 3 banks and got turned down. The primary reasons were lack of experience and the banks wanted 30% down.

When I finished helping John structure his deal, he went back to the first bank that previously turned him down and got the deal down with 5% out of his pocket.

Now please remember, I live in California and John is in Saint Louis Mo. Itâ??s not easy taking a man back to a bank that Iâ??ve never stepped foot in and that had previously turned him down and get the deal done. However after saying that, had it been my deal, I would have gotten the deal down at my bank with 100% financing.

If you like you can call me at (909) 944-0199 and after a few questions, maybe I can walk you through your deal.

Ed Garcia

Call Ed Garcia. If its a deal He can get it done! - Posted by Kenneth Hocking

Posted by Kenneth Hocking on September 06, 2007 at 13:19:14:

Truly

Re: 52 residential units…NEED HELP! - Posted by Matthew

Posted by Matthew on September 06, 2007 at 10:45:42:

Her’s some issues and answers to your problem.

  1. NO Money into the deal- 70% is not going to work
    answer- at 50%-60% and with you quit claimed on title you have a better chance to gain some sort of financing.
  2. Do you have experience in property management? this is a big issue with debt servicing. lenders want to get paid not be the landlord- even hard money investors want to get PAID not be landlord.
    Ans. With this many units it may already be undr managment- need to get rent rolls for last 2 years to show debt / cash flow.
    you can also go to www.hard-money-lenders.com for FREE and see what you can get.
    Best O’Luck

Re: 52 residential units…NEED HELP! - Posted by Tom Resner

Posted by Tom Resner on September 06, 2007 at 10:13:37:

As you can tell from the previous responses lots of questions need to be answered.
Your most likely source will be a commercial hard money lender. I can’t even venture to offer you a plan with out knowing much more about you the property and your plans for it.
If you would like to contact me I will be glad to help and let you know if the transaction is feasible.

Re: 52 residential units…NEED HELP! - Posted by Jimmy

Posted by Jimmy on September 06, 2007 at 05:52:27:

are we talking 1-4 unit properties on scattered sites, or a 53 uit apt complex?

as for the lenders:

  1. if the lender problem with YOU or with the deal? I suspect the former. Remember, banks FIRST LOOK AT YOU, and then look at the deal.

  2. How much cash will you put on the table? the 30% seller carry will HAVE to be a second. banks don’t mind having someone behind them. but most banks will still want you to have 20% cash in the deal. Can you handle this?

Re: 52 residential units…NEED HELP! - Posted by Daniel Patron

Posted by Daniel Patron on September 05, 2007 at 19:50:13:

What State? i need more info. Email me your details.

Re: 52 residential units…NEED HELP! - Posted by welowe

Posted by welowe on September 05, 2007 at 18:12:55:

Are they condos, sfr, or what?