BRRRR Multifamily property with tenants in unit

BRRRR Multifamily property with tenants in unit

New to Real Estate · Houston, TX · Member since 2020 · 28 posts · 5 votes

Im looking to purchase a 10 unit multifamily property im a college town and use for student housing. The property will need some work.

- New paint (interior/exterior)

- New floors 

- washer and dryer hookups need to be installed

- countertops etc. 

If I wanted to use a hardmoney loan to fund my deal/rehab, but they have tenants still in the units. What do I do? 

Hardmoney loans have high interest, so I don't see it being beneficial to use that if I can't get the tenants out. 

Would it be better to try and get a credit union for the deal? Or see about seller financing?

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  • Rental Property Investor · Greenwich, CT · Member since 2015 · 4k+ posts · 2k+ votes
    6y

    It all depends on the deal and your financial situation, @Christian Thompson. We need more info, if we're to offer anything constructive. What are the numbers?

  • Investor · New York City, NY · Member since 2013 · 1k+ posts · 269 votes
    6y

    @Christian Thompson

    Do you have some numbers to review so may offer some suggestions ?

    Bluck

  • New to Real Estate · Houston, TX · Member since 2020 · 28 posts · 5 votes
    6y

    @Anthony @Jaysen 

    So this would be an off market deal. I honestly do not know if the owners would be willing to sell. I'm just trying to get my ducks in a row for when I do call them and ask if they are interested in selling. I'm new to real estate investing so I'm trying to figure all this out. Thanks for yalls help. 

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