Updated almost 5 years ago on . Most recent reply
Financing 3 SFH On 1 Parcel
I just got under contract on a property with 3 single family detached homes (all 2 bed / 1 bath / 900 sqft) on 1 parcel ID. 2 of the units are rehabbed and 1 of the units needs $30,000 in work (main issue being a new roof that is leaking). I’m under contract for $235,000 and gross monthly rents will be $3600/m.
What are my best options for financing? I have talked to a few lenders with conventional financing that don’t sound very confident and looking further into it. I’m worried about the appraisal not approving the 3rd home that needs work, and hoping a desktop appraisal would be ordered but not sure because it’s a unique property. The seller owns this outright and has 0 interest in a land contract and wants to cash out.
I’m in Michigan and any advice would be greatly appreciated! Below are a summary of the numbers:
