Hello BP Community,
I own two multifamily investments properties free and clear in a C-Class neighborhood here in Toledo, Oh. The properties are fully occupied and that has a great returns but a low evaluation. The county value is under 50k for each (And I assume if I was to get an appraisal it would be close to the counties value) I would like to pull cash out of these properties to reinvest in more multifamily units using the BRRR strategy any suggestions on financing options or lending institutions will be greatly appreciated! Thanks in advance!!!
There are banks/lenders for properties under $50k but they may take some digging to find.
You can also bundle the two properties together and cash-out with a commercial/portfolio loan.
I concur you could get a commercial loan on the combined properties. Let me know if you need more information about that I will be happy to help.
@John S. Yes i'll like more information... I will send you a mesage