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Updated over 6 years ago on . Most recent reply

User Stats

81
Posts
16
Votes
Matt B.
  • Greenville, SC
16
Votes |
81
Posts

Buying with hard money? Or commercial? (2 MFR)

Matt B.
  • Greenville, SC
Posted
Would like the forum to chime in on a situation i haven’t encountered. I have a seller selling two MFR - a 6 plex and a 4 plex. One building has some significant damage so i am assuming conventional loans will not be an option since it needs about 40k in repairs. The gentleman would like to sell each property individually. i was attempting to get both under one contract ... but that’s a wash regardless if i cannot find suitable financing. So ... what would be the best way to approach this. I believe i can get both properties under current market value. I have cash for a large down payment but i do not think i can pay all cash for all units (with the hope of applying financing after repairs). Any info appreciated.

Most Popular Reply

Account Closed
  • New to Real Estate
  • Teaneck, NJ
60
Votes |
167
Posts
Account Closed
  • New to Real Estate
  • Teaneck, NJ
Replied

@Matt B. Matt I think you can probably use a hard money lender. If you go to the BP directory you can find a list by state and you can contact them tell them your situation and they can tell you what kinda terms they can give you. Good LUck!

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