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Updated about 10 years ago on . Most recent reply

User Stats

603
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130
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Adam Craig
  • Investor
  • Cleveland, OH
130
Votes |
603
Posts

Raising capital question for rehab

Adam Craig
  • Investor
  • Cleveland, OH
Posted

I own 10 single family homes but am looking to move into apartments. I want to start with 30 unit/ 1MIL max which is doable in my Cleveland market.

I really want to buy slightly distressed or mismanaged properties and attempt to turn the business around like I do my single family homes. 

I have a commercial lender that will do 80% loans - My plan (and hope) is to ask the seller to carry as much of the remaining 20% as possible. I can bring my own money to the table but if I can use OPM I am happier :)

Other then your own pocket - where are investors raising capital for rehab? Would this be considered a construction loan and what kind of terms are typical?

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