Multi-family investment in Ithaca NY needs funding
Hi BP community, I've been looking for advise to get funding for a 2-3 unit in Ithaca, NY that has partial fire damage and needs new roof. Potential is good due to the location that near the university. Good for university student renting. I'm looking for a private lender who could make this possible. I also need a good honest contractor in the area that won't overprice the fix cost. I appreciate any advise and recommendations. Thank you so much!
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@Irving Casas For properties that aren't livable at the moment, a commercial loan can be a good fit for purchase + rehab financing all in one loan. Those typically would be commercial and held as a portfolio loan with the bank. It doesn't have to be multi unit, the "commercial" part is the flexibility to get the purchase + rehab financing. Alternatively you could use hard money, but I find that's very expensive and also short term only.
You want to avoid standard residential conforming loans, those that most banks offer and are resold to the government. I tried that in the past and it was a waste of time. They would run all the numbers and pull my credit, and then when the inspection was done, the "non livable" part would kill the loan.