Taking Over a Property HML

[Julian Broyles]

There's a property in central Phoenix that is a condo. The owner of it has a HML on it as it can only be purchased by cash or hml. I have several exit strategies for it but can't find a cash buyer or JV partner wanting to dive in.

Wondering if a HML would be a smart idea. With the current rates it would not cash flow unless I make it a str. What would you do?

[Anastasia G.]

Hello @Julian Broyles!

Any reason condo can be only purchased with HML/cash? does it is need work? You are able to use DSCR for non warrantable condos where rents do not need to cover mortgage payment.