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Updated about 5 years ago on . Most recent reply

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41
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15
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Joseph McCrillis
15
Votes |
41
Posts

Best way to line up funding in this scenario

Joseph McCrillis
Posted

I'm looking for a (2-4) Multifamily in 3 different states and I'm not sure what the best strategy is regarding the money. My financing will be different depending on the property (MLS vs off market).

Should I be connecting with Hard Money lenders that lend in all 50 states and then 3 different pre approvals with conventional lenders? That seems like the way to go, but it also seems a bit excessive. I assume finding a property then scrambling for funding will likely result in losing the property to someone who can close quickly. What's my best way to approach this?


A few details about my personal scenario...This will be my first out of state property. I intend to fly out and do/oversee any rehab needed so I will limit any foreseeable major work (structural) to be done. Cosmetic + at worst. I have family in these 3 states so I have a home base while we do a quick cleanup of the property. I won't be able to claim this as a primary resident. I'll aim for a conventional loan in all scenarios, but if I pick the property up via a wholesaler/off market I'll have to get a HM lender due to my personal cash restrictions.

Thanks!

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