Looking to finance a couple properties
Hello everyone. I'm looking for some ideas on financing. These properties are near a major college in Indiana. Here is the situation:
- Property #1- This is a large 3 unit complex.
- Unit 1- 4 bed 1.5 bath rents $700
-Unit 2- 4 bed 1.5 bath (remodeled) rents $925
Unit 3- 2 bed 1 bath rents $595
This property is owned and not currently financed. Purchased for $102k and have put about $20k into it. I would like to get it under a 30 year and pull $$$ from this to purchase more. I guess this is what you would call a BRRRR. Can anyone get higher than 75% LTV on a 3 unit?
- Property #2- This one is a 3 bed 1 bath single family
- currently rented for $700
This property is also owned outright and not financed. It was purchased as a steal for $37k. I'm guessing it should be worth around $50k. The problem I'm running into with this one is most banks will not finance something that small.
Any ideas? I appreciate your feedback