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Updated over 9 years ago,
Raising capital question for rehab
I own 10 single family homes but am looking to move into apartments. I want to start with 30 unit/ 1MIL max which is doable in my Cleveland market.
I really want to buy slightly distressed or mismanaged properties and attempt to turn the business around like I do my single family homes.
I have a commercial lender that will do 80% loans - My plan (and hope) is to ask the seller to carry as much of the remaining 20% as possible. I can bring my own money to the table but if I can use OPM I am happier :)
Other then your own pocket - where are investors raising capital for rehab? Would this be considered a construction loan and what kind of terms are typical?