Flipper/Rehabber · Mount Juliet, TN · Member since 2014 · 107 posts · 36 votes
Happy Good Friday to all of you.
Anybody ever financed the purchase of a package of rental properties? I'm looking at a package of 10 SFH's. Here are the #'s. 9 of 10 are occupied. 2 are MTM, 7 are in 12 month leases. Total monthly rents = $6550 for the 9 rented units. $7200 at 100% occupancy. Houses are all built from 1920 - 1930's.
I value the package @ $350,000 with $85,000 needed for immediate cap-ex/repairs at time of turn-over making my all-in price for the package about $435,000.
I have $100,000 cash I can put down.
Where would ya'll suggest I go first to explore long-term financing of a package purchase like this? What kind of terms should I expect in a best case/worst case scenario? I've never explored this option.