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Updated over 4 years ago,
Best ways to find portfolio lenders for old 26 unit apartment?
I have found a rundown 26 unit apartment in Columbus GA that is off market. The numbers seem to cash flow really well, and the owner is will to let go of it for what seems like a steel. Though being it's older and in a rougher part of the city he says that I wont find any local lenders that will lend on it.
What are my best options here? It seems like too good to be true deal asking 300K and current rents bring in $6500. (over a 2% deal on 26 units!) I also talked with my PM and she thinks with some work we could do value add and increase rents. I could get hard money if need be, but I don't want to be stuck with a high interest is I cant find a portfolio lender. Or is finding a partnership maybe my best bet here? I know there is likely some great ideas/ solutions here on BP thought all you great people might help with some knowledgeable insight. Thanks for all your help BP community!