Looking for a Lender to Finance a Rental for Tenants

6 Replies

Hey BP,

I have a colleague that I work with that is having some trouble with one of his rentals. He has tenants that have been in place for 7 years, never missed a payment, and keep the place cleaner than he kept the house when he lived in it. However, there's something that is spooking the conventional banks from lending to them. 

I just wanted to place an ad out there to see if anyone on BP has any interest in carrying a note for these tenants and buying my colleague out of the property. He is in Texas with me now, but the property is in Florida, hence why he is trying to sell, so he can find a rental in the Dallas/Fort Worth area (where he lives now). He thinks the property is worth around $210k and is currently rented at $1500/ month. Let me know if there's an interest for anyone out there and I can setup an intro or something. Thanks everyone!

Updated 5 months ago

The owner is looking to sell to the tenants, whose credit is subpar, but they (the tenants) cannot get financing. I don't think I was clear from the first post, sorry.

Hi Dylan,

We can help with finding a lender. If you send me the following information: property address, rent roll, financials, operating expenses, property taxes due, insurance payment, mortgage payments if applicable. I can get started on getting this property funded.

Please send information to [email protected] for consideration.

Regards,

Eric Radecki

Ziproperties LLC

Norwalk, CT 06851

www.ziproperties.com

@Dylan Barnard what type of contract do you have between the 2 parties.  Is it a standard purchase or is the purchase structured a different way?

I do not have any interest in this situation, and I do not know much of the specifics. I am just trying to help out a colleague/friend of mine. He wants to sell the house to the tenants, but the tenants cannot qualify for traditional financing. The owner does not want to carry a note and wants completely out of the property to move cash to Texas instead. I hope I am being clear enough, but I will gladly forward your info to him though @Eric Radecki . Thank you. 

We can help your colleague friend by connecting with investors that can fund this property through what is referred to as seller financing which doesn't require traditional financing. However, we still needs the numbers to calculate the investment value. 

Regards,

Eric Radecki

Owner Ziproperties LLC

Norwalk, CT 06851

www.ziproperties.com

Dylan, maybe we can help, but we need an email address and a phone number so we can contact you or your colleague.  Hope to hear from you.

Reggie Truss

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