Hard Money Lender Recommendation in Oklahoma

[Derek L Mooy]

Currently my wife and I own 4 single family rentals but plan to scale up in order to eventually be financially free and pursue this full time without a W-2 job.

That being said, we’ve located a great wedge deal on a 12 door apartment complex we’re highly interested in but don’t have the funds for the down payment. Details on the property are below.

- The property is listed for $184,900.

- 12 units, each are 1 bed 1 bath

- Located in a college town

- 7 units are rented at $250/month

- 2 units are rented at $200/month

- 3 units are vacant

- Rents haven’t been raised in 15-20 years

- The structure is solid but is in need of renovations with some units needing more than just a quick cosmetic “paint and floor” (that’s all the details I currently have on renovation needs)

My thought is to make the purchase, bump rents $50/month for the 9 tenants, renovate the 3 vacant units and charge $600/month, move back to renovating the 9 with tenants. After all this, refinance.

It appears that the list price is based on current rents, not ARV.

At this point, this would require us to use a hard money lender as all other avenues I’m comfortable with are proving futile.

Thoughts? Advice?