A partner and I direct mailed Easton, Allentown and Bethlehem, Pennsylvania area. We have one amazing lead. The property had 4 residential units that rent for $3,100 per month plus a commercial space that were deciding what we’d like to do with it. The taxes are $2k and he wants only $225k for the building. The numbers are great! It’s on a main Street, only 3-4 blocks from the action in downtown. The owner is willing to finance a second for at least 25% but he needs some cash (don’t know the # yet, still tactically prying ) to pay off debt so he won’t finance the whole thing. No bank I am working with will give me the other 75% without skin in the game. Where can I get this other 75%?! Any help would be greatly appreciated.
Deal sounds good. Nice job. I would reach out to some local banks and see what they can offer. I personally work with first keystone community bank in stroudsburg, i would give them a try. If not, call 30 other banks with some sort of a proposal and business plan and im sure you can figure something out. You could also do hard money short term, try to add some value and refi into a long term loan. Let me know if you have any questions and good luck!
I appreciate the input. I’ll give first keystone a call. Thank you!
@Tyler Drapeau sounds promising given it has the bonus commercial space. Do you and your partner not have any cash to put in? Is it in the downtown area or another 4-5 from the perimeter of the downtown area?
It’s in downtown technically. We are both trying to buy multifam-houses closer to our jobs in NJ as well. Trying to use as little out of pocket as possible, so we can keep our resources directed towards those homes.
@Mark J. I’m working through private and hard money lenders now. Will send a message. Thank you!
I love that area and have used Ephrata bank. Good experiences.
Awesome. I appreciate the recommendation! Thank you.