Home Buying in 44119>Question Details

Phil Harris, Home Owner in Vancouver, WA

I am trying to close a deal on 6 SFH's. Avg. price per home is roughly 30-35k. Looking to build a relationship with a small bank or blanket mtg.

Asked by Phil Harris, Vancouver, WA Wed Feb 27, 2013

The owner wants 200k for the 6 homes, and together they are bringing in 5k per month. He is offering owner financing but is only giving me 2 years. My only fear is trying to refinance these a year from now. He wants 10 % down, where as I'd have to put up 20% for each home, if I went the traditional route I'd have to go 20%? Any ideas on who I might be able to call in the Cleveland/Euclid area? I was wondering if a small bank might want to blanket these together, or if there might be another way?

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10
I would suggest Portage Community Bank - Adam Rubin. 330.678.8080.
0 votes Thank Flag Link Mon Jan 27, 2014
No, I am still working on it.
0 votes Thank Flag Link Tue Apr 23, 2013
Did you end up purchasing the homes?
0 votes Thank Flag Link Tue Apr 23, 2013
I am going to put these in my name for now under an umbrella policy for my insurance.
0 votes Thank Flag Link Wed Feb 27, 2013
Do you currently have an LLC or are these going under you individual name?
0 votes Thank Flag Link Wed Feb 27, 2013
I believe the LTV's are between 60-75% currently. Any ideas for hard money lenders then? I feel I could have these places paid off within 5-10 years, maybe sooner? What is a hard money lender going to require from me? I'm trying to remain as liquid as I can during these times. The more money I put into these deals, the less I have for others.
0 votes Thank Flag Link Wed Feb 27, 2013
We've seen up to 70% LTV, the lenders we work through typically just require LLC details, contracts of sale and property details.
Flag Wed Feb 27, 2013
Hi Phil, I don't think you'll find any bank willing to blanket these together. Financing for smaller mortgages (especially commercial) can still be difficult. As suggested previously I would consider a hard money lender as there are opportunities for 10% or less down -- provided the property value is there. That seems to be the best option for our overseas investors buying here in Cleveland. Euclid is a good cash flow city, hope it works out.
Web Reference: http://www.buyholdrent.com
0 votes Thank Flag Link Wed Feb 27, 2013
This is something my firm specializes in. I am located in Dayton Ohio but do business nationwide. If the homes are bringing in 5K a month this is an outstanding investment for you! We work with many lenders which in turn presents our clients with OPTIONS. I would like to gain some more information feel free to contact me MHelpling@RapidDayton.com 937.938.9317.
0 votes Thank Flag Link Wed Feb 27, 2013
I worry for you purchasing properties here in Cleveland without a local representative looking out for your interests. I specialize in investment properties and proeprty management.
I personally own and manage many homes in NE Ohio,
Please contact me to discuss your propositions.
(216) 373-2717
0 votes Thank Flag Link Wed Feb 27, 2013
Your best bet is to find a hard money lender that is not a banker. These folks often loan money on much more flexible terms for a little higher interest rate.
0 votes Thank Flag Link Wed Feb 27, 2013
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