Updated almost 10 years ago on . Most recent reply
Lithonia GA 30038
Hello BP Bankers, Lenders & Brokers!
I am seeking guidance (and possibly funding) for a very unique opportunity in an undervalued condo community in Lithonia, GA. Normally I wouldn't be interested in this but I am for 3 reasons. The first reason is that I am working directly with the HOA so they can feed me deals via quit claim deeds or HOA foreclosures. The second reason is that the HOA is in the 2nd year of a 4 year assessment to improve the community by fixing all the exteriors of all buildings, removing dead trees, repaving walkways and working toward resident compliance with HOA dues and more... The board is very engaged in improving the community. One board member owns 4 units and she is very active with the HOA and retired.
I am currently rehabbing 1 unit in the community (acquired via quit claim deed) and their are several more on the way; 3 coming next month. This is the 3rd reason and the HOA board members all like my plan to go in and rehab these properties, record 2-3 sales with owner financing to set some good comps so banks will start lending in there again. There are 1BR units, 2BR units and 3BR units that are either flats or townhouses. My goal for the 1BR's is ARV's of $55,000. The 2BR's to have ARV's of $70,000 and the 3BR's to have ARV's of $90,000
This first one I am doing is a 2BR/2BA with 1200SF. My plan is to do a really nice rehab on it and get it appraised. I will owner finance it to a qualified buyer.
My question is this: What is the best way to attract lenders that will give me favorable terms so I can do several of these at once? Remember, the HOA is giving me the first crack at anything that comes up. There will probably be 15 properties this year