Skip to content

Let's keep in touch

Subscribe to our newsletter for timely insights and actionable tips on your real estate journey.

By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions
Followed Discussions Followed Categories Followed People Followed Locations
General Real Estate Investing
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

User Stats

41
Posts
15
Votes
Joseph McCrillis
15
Votes |
41
Posts

Best way to line up funding in this scenario

Joseph McCrillis
Posted

I'm looking for a (2-4) Multifamily in 3 different states and I'm not sure what the best strategy is regarding the money. My financing will be different depending on the property (MLS vs off market).

Should I be connecting with Hard Money lenders that lend in all 50 states and then 3 different pre approvals with conventional lenders? That seems like the way to go, but it also seems a bit excessive. I assume finding a property then scrambling for funding will likely result in losing the property to someone who can close quickly. What's my best way to approach this?


A few details about my personal scenario...This will be my first out of state property. I intend to fly out and do/oversee any rehab needed so I will limit any foreseeable major work (structural) to be done. Cosmetic + at worst. I have family in these 3 states so I have a home base while we do a quick cleanup of the property. I won't be able to claim this as a primary resident. I'll aim for a conventional loan in all scenarios, but if I pick the property up via a wholesaler/off market I'll have to get a HM lender due to my personal cash restrictions.

Thanks!

Loading replies...