Skip to content
×
Pro Members Get
Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
ANNUAL Save 16%
$32.50 /mo
$390 billed annualy
MONTHLY
$39 /mo
billed monthly
7 day free trial. Cancel anytime
Buying & Selling Real Estate
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 5 years ago on . Most recent reply

User Stats

12
Posts
7
Votes
Micah Kohls
7
Votes |
12
Posts

Lender (or buyer) for SFR rental portfolio NW, IN

Micah Kohls
Posted

I own a stabilized portfolio of SFR rental homes in Gary, IN. I think the government should identify areas (much like Opportunity Zones) to create lending programs to support community banks. For risk adverse local banks, there is no appetite to lend into their own communities. This seems crazy to me. The government should help. Thus creating liquidity in troubled markets and opportunity for reinvestment back into these communities. After all, the majority of my tenants have section 8 vouchers. Section 8 requires periodic inspections and various other conditions to protect the asset and tenant. Makes sense to me.

I've considered various hedge fund lending options. However, most of these lenders require a minimum appraised value of more than 60k. And because of the low values, the fees charged from these lenders are exorbitant in relation to the home prices. 

I live in Denver, CO. These homes are in Gary, IN. 

Most Popular Reply

User Stats

24
Posts
29
Votes
Deana Johnson
  • Rental Property Investor
  • Gary, IN
29
Votes |
24
Posts
Deana Johnson
  • Rental Property Investor
  • Gary, IN
Replied

I work with a local bank Centier Bank and this year they had a program for investors and they allow lower purchase prices. The loan I got through the neighborhood program was for a rental with a purchase price of 31,000 in Gary.

Loading replies...