We also invest in and partner with others in rental properties of 1 to 4 residential units. We are specialists in distressed properties i.e. pre foreclosure, foreclosure, short sale and probate properties. If you are currently the resident manager you have a big leg up on the deal already.
Let's talk soon. If my nephew hasn't contacted you feel free to contact him at 760 672-0174. Sounds like this deal could cash flow nicely and we are all about deals that pencil. Maybe we could do some business.
My first question is why do you need a hard money loan? Most hard money loans are high in interest rates and short term; typically because they know the buyer can not qualify for their own typical loan IE: Conventional or FHA Loan and that is why they are looking for a private party. Also, if it's a bank repo (R.E.O) unit that you are looking at, they will not accept a hard money loan - they want you to SHOW THEM THE MONEY! Another option will be if the Seller is willing to carry the note (also you would need a substantial amount down) Let me know if you would like some recommendations for "Hard Money Loan"
If those other units are currently occupied and rented, you will be allowed to use that as part of your income to qualify. However, since it's a Bank Foreclosed property; I suspect they are currently vacant?...?.....?
Call me; would love to chat,
Lesley Harris, Realtor
What is the vacancy factor? What is your tenant turnover? These are two separate questions although they sound redundant. You may have a low vacancy factor but a high turnover in which case maintenance and repairs could become an issue.
We specialize in distressed properties and are a turn key, RE brokerage, construction rehab, property management, finance and investment company. If you could give us some more specific information we might want to discuss it with you in more detail.