Apartment opportunity but cant get a loan due to vacant units.
I'm trying to close a deal, but I can't get enough financing because half the apartments are vacant. This property is a great deal; should I try to find a partner to buy it all cash? Or should I find a hard money lender and finance a loan later after I get the apartment up and running in a month or two? Or is there any other way I can get a loan approved? I'm putting down about 40%.
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@James Dee Assuming the numbers make sense, do it anyway you can get it done. If you have both the opportunity to use a partner OR a hard money lender run the numbers both ways and see what make the most sense for you. If you don't already have a money partner lined up, it can be difficult to find one on short notice.
You didn't mention how large a building you are talking about. A 5 unit building vs a 100+ unit complex is a big spread in the amount of money needed and will affect your choices.