All Forum Posts by: Christian Beebe

We frequently have properties offered to us off market in the $250k-$750k range but finding decent lenders or investors is a slight challenge.  Does anyone have any recommendations as we have several properties under contract around $500k and less and need to find lenders asap.  Appreciate the time and recommendations.

Sure thing, [email protected]

Chris, if you have any interest learning about our market in the Midwest (one of the top by Marcus and Millichap) we have several deals available under contract we are looking for lenders on.  Just posted a topic about one of them.

Established real estate investment company in the Cincinnati area looking for funding on a 15 unit multi-family under contract.  We know our marketplace well as we have been doing this for 15 years in this area.  As this being a smaller deal, our larger financing avenues will not do this.  

Property Type Apartments

Property Address 2552 Harrison Ave, Cincinnati, OH 45211 -2541 Gobel Ct, Cincinnati, OH 45211 (package property on one parcel)

Purchase Price $390,000.00 

Rehab $75,000.00 

As-Is $590,000.00 

ARV $789,000.00

Loan Amount $465,000.00 

Loan Term 5 or 10 year (30 year amortization) 

Loan Purpose Buy and Hold

We have 60 days to close and are in the middle of final due diligence.  

Due to buy and hold, we are looking for a sensible fixed term (with possibly interest only for the couple years).

In the sub $1 million range, we have quite a few properties available to us so if you are a solid lender who wants solid business, we could probably make this a win/win for everyone.

Have all financials and information ready to go on our company and the property.

Thank you,

Christian

We are a decent sized multi-family company in the Midwest who has been doing REI for nearly 15 years. Our opportunities for good acquisitions of multi-families are coming in left and right and after our due diligence we have found a couple that need to be acquired. We have the lending in place but looking for private investors for the down payment portion of each deal.

-The first deal is a purchase price of $390k with an after rehab valuation of $550k.  Would need an $80k down payment with a 10% return (or greater depending on discussion).  We typically would refinance this in five years and payout the loan.  

-The second deal would be a needed $290k downpayment with same terms as above.  Purchase price would be $1.2mil 

Both properties are currently stable, just under managed, and low rents with a few upgrades needing to be done. Within 12 months both properties would see a very large increase in NOI not a problem.

We are open to options of either % return or equity in the deal, etc. Whatever it takes to get the deals done and a win/win for everyone. 

Look forward to hearing from you and thanks for the time.  

Always working to learn here and currently learning about all the ways to finance a down payment and one of the lists we had read mentioned using a repair allowance.  You inspect the property and determine what need to be done in repairs. You add up the cost and have that money given back to you at the closing.

So without sounding dense, how exactly does this work?  Is this with a normal loan, meaning let's say the property is worth $1,000,000 and you can buy it for $650,000.  So you would put in the $100k with the loan at the same time for a "repair allowance" which would go into the loan but would be given to you at closing which you could use for the down payment on the same property?

We have a couple properties with this type of criteria so trying to figure out exactly how to use this and make this work.  

Tony, just sent a message through your site.

Martin, please send over information to [email protected].  We are interested in any multi-family deals around the Midwest area.  Cincinnati, Columbus, KY, etc

Stefon Franklin, is this still around?

Jed, tried to contact you about this with no reply, is this still available?