@James Gleeson Seems completely possible. Commercial notes are more concerned about the value and cash flow of the property. They won't care about our W-2 income. The asset is what secures the note.
BUT just because something is possible does not make it a good investment. Just really check your numbers. Make sure you can cash flow or add value quickly. Don't get yourself over-leveraged and not be able to make the payments.
If the numbers all work, you have a winner on your hands!
If you don't mind my asking, where did you find the deal? Direct mail, loop net, broker?
If the numbers work, do it and don’t look back. I’ve bought 25 units and have another 64 closing within a month. No cash of my own on anything.
You will need to make sure the loan product can be piggybacked and that the seller is okay with 2nd mortgage position- as the lender will get the 1st position.
@David Walkotten 89 units with none of your own cash is quite impressive sir!
Thanks @Brian Garrett - technically I own 51.5/89 with my equity position.