empty units in multi family purchase

[Dave Charron]

Im looking at a 17 unit with almost all empty units.  I assume bank financing is not possible without a decent trailing 12 months?  I havent talked to a bank yet.

[Joel Owens]

You would be looking at hard money rates and points.

Do you have a track record turning around completely vacant properties? If not you might want to find a local investor with deep pockets where you go 50/50 on it. You put in all the time and labor and the investor puts in the money.

A bank won't want to touch a property like this. Banks are some of the most risk adverse lenders out there compared to other sources of capital.