Need a Hard Money lender for 8-plex in Memphis!

[Anthony White]

Anyone have a Hard Money lender for a property in Memphis?

Multi-Family (8-Plex) need money for Purchase and rehab for a year. 

Please send me any referrals you think would help! 

Thank you!

[Dean H.]

@Anthony White

I hate pouring water on a nice fire but my advise is to buy a couple nice single family homes in a decent area. With single family you can get decent financing and a much more stable tenant pool. 

I have skin in the game in Memphis and my concern is that you  are just plain paying too much for the property and investing way to much in the rehab. It's hard for me to be so negative but realistically a 15k per door multi in Memphis will be lucky to rent for 400 gross/unit. After property management, city taxes, county taxes, repairs, capex, vacancy, insurance and carrying costs of non conventional money you will have nothing left but a property with limited exit options. 

There is a reason these properties are for sale, they just don't pencil, this isn't east or west coast investing Anthony, this is Memphis.

One more rant, you never mentioned management but please don't have the illusion that you are going to manage multi family in Memphis from California. That being said make sure you have a good manager because many won't take on 2/1 multi in your value range.

I hate being so negative I'm just trying to make sure your really thinking this through