Looking to finance a couple properties

3 Replies

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

Keeping looking around and talking to different lenders, plenty of banks will loan on either of those properties.... Maybe not Big banks, but check with smaller local banks.......

.....you could also consider doing a HELOC