🏠🔍 Seeking Advice on Private Lending for Multi-Family Property!

Member since 2023 · 4 posts · 0 votes

Hey BP community!

I'm looking for tips, rates, and lender recommendations for financing towards a multi-family home. I'm a short-term rental property manager in Upstate New York and a newbie investor with one single family property that's currently being flipped and set up for STR. Currently looking to invest in multi-family and would appreciate any advice for creative financing, partnerships or private lending opportunities.

Thank you in advance!!

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Robin SimonBusiness Member
Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
3y
Hi Madison - welcome to BP, lots of great resources here. When you say multi-family, can you specify how many units (or unit range) you are looking at?
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Madison Hoke
OP
Member since 2023 · 4 posts · 0 votes
3y
Hi Robin!

Thanks!

Absolutely! Located in the Finger Lakes Region of Upstate New York - I'm currently looking at a roughly $4,000 sqft property that's zoned as 3 units. 1 bed 1 bath, 1 bed 1 bath, and a 3 bed 3.5 bath, which I would Airbnb because of the layout. The other two units I'd like to lease long-term with the option to possibly shift one of them into an Airbnb in a year or two. All of the properties would be self managed by my business. Based on this concept, my numbers come in above the DSCR, but I would need to utilize creative financing for the downpayment. I'm able to finance $5k and curious about private lending options for the remaining 12%.

I was originally shopping for a duplex or triplex, but I came across the property mentioned above, and it has a ton of potential for multi-use over time.

I appreciate your help!
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Robin SimonBusiness Member
Lender · Austin, TX · Member since 2022 · 5k+ posts · 4k+ votes
3y
Quote from @Madison Hoke:

Hi Robin!

Thanks!

Absolutely! Located in the Finger Lakes Region of Upstate New York - I'm currently looking at a roughly $4,000 sqft property that's zoned as 3 units. 1 bed 1 bath, 1 bed 1 bath, and a 3 bed 3.5 bath, which I would Airbnb because of the layout. The other two units I'd like to lease long-term with the option to possibly shift one of them into an Airbnb in a year or two. All of the properties would be self managed by my business. Based on this concept, my numbers come in above the DSCR, but I would need to utilize creative financing for the downpayment. I'm able to finance $5k and curious about private lending options for the remaining 12%.

I was originally shopping for a duplex or triplex, but I came across the property mentioned above, and it has a ton of potential for multi-use over time.

I appreciate your help!

I think it looks like a solid deal - however, unless you are able to get seller financing or something of the like, its going to be pretty tough to get the deal done with only $5k of your own money down. Might be worth it to try to figure out how to source a bigger downpayment
[email protected]
Harpoon Capital514 Reviews
Website View Page
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Madison Hoke
OP
Member since 2023 · 4 posts · 0 votes
3y
Hi Robin!
Do you have any recommendations for working with private lenders?
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Jesse Holsapple
Lender · Fountain, CO · Member since 2022 · 124 posts · 32 votes
3y
I would love to connect and learn more about the strategies you have in mind and see if a partnership with us would be beneficial for you!
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Madison Hoke
OP
Member since 2023 · 4 posts · 0 votes
3y
Hi Jesse!
Thank you for your reply!
I would definitely be interested in connecting and speaking more about possible partnership opportunities.
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