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
Classifieds
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

1,750
Posts
880
Votes
Matt Motil
  • Rental Property Investor
  • Cleveland, OH
880
Votes |
1,750
Posts

Looking for financing assistance. Triplex purchase 47% ARV

Matt Motil
  • Rental Property Investor
  • Cleveland, OH
Posted

I put a nice and solid triplex under contract today in a great area of Cleveland. The owner is an investor and got the property at bank foreclosure of a different investor that went bankrupt. The property is in great shape and the investor is out of state and just wants to cash in on his good deal. I have the property under contract at 47% of the going rate for properties in this area. I would do minor cosmetic items to get it up to my standard, but the place is ready to go and already has tenants. I have the cash to close, but would prefer not to tie up all my funds in one transaction, so I'm reaching out to see if anyone is interested in financing the purchase. I'm open to short and long term options. 

The seller would like to close by end of business on 10/22. Looking for about $50-60k of funding with current property value being $105k. Let me know if you have interest and I will be happy to share more of the details. 

Looking for

Most Popular Reply

User Stats

1,299
Posts
136
Votes
Sean Richway
  • Lender
  • Chevy Chase, MD
136
Votes |
1,299
Posts
Sean Richway
  • Lender
  • Chevy Chase, MD
Replied

@Matt Motil  Get in touch with me regarding this as I may have an avenue for this project.

  • Sean Richway
business profile image
Infinity Capital Finance
4.4 stars
8 Reviews

Loading replies...