How to finance multiple residential homes

Question

I am looking to see how or what options i would have to finance multiple townhomes that are on separate parcels. The seller is selling 17 as a package. Any thoughts?

Arsenio Braza · Answer

@Remone Randolph

Wow damn, that is a good investment

Account Closed · Answer

1. Will the seller do owner financing?

2. Have you talked to a portfolio lender, like maybe Columbia Bank?

3. Have you contacted any accredited investors to do a Joint Venture?

Remone R. · Answer

yes @Brent Paul that is where im starting. im sure someone will say YES

Brent Paul · Answer

It may take a lot of no's before you get a yes, but your best bet is to start talking to local community banks.  I think you should be able to find someone to work with you.

Remone R. · Answer

yes im figuring that out from the many lenders ive contacted already smh have contacted a few local banks that have offered good terms with an option of a construction loan then perm. Thanks for the encouragement, won't stop til i figure this out.

Shaun Weekes · Answer

Individually it will be hard to finance a lower amount so if you go that route, you'll need to find a local small bank or credit union.  A blanket loan will tough as well since the values are under 50K.  Your best bet is to find a community bank and see if they can work something out with you.  Portfolio or Private money would be my next step research wise.  Keep working, don't give up and find a solution.

Remone R. · Answer

@Shaun Weekes well they're selling for @495k so an average of 29k per townhome, but there are comps on the same street for about 57k. The units will need some rehab but they still cashflow as is. have at least 20 percent down

Shaun Weekes · Answer

What are the average values of the homes and how much do you have available for a Down Payment?

How to finance multiple residential homes

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