Financing Rentals in Ma

[Steph C.]

Hi,

I am looking recommendations for financing for rentals in MA.

We are looking at some REOs/short sales and other properties priced well under value. We're specifically looking at newer properties (post 1978) with little to no rehab....duplexes as well as 2-4 family properties.

Some companies I've looked at are more hard money lenders, with quite high rates. Many of the properties we're looking at will cash flow immediately, and would cash flow very well, if we get a good financing rate.

We have a new LLC (no credit established yet), and good personal credit, if that info is helpful. Any and all recommendations are welcome.

Thanks,
Steph

[Jon Holdman]

If you can't get bank financing, you're going to have a tough time with REOs and short sales. You might find a private lender, but their rates are still going to be much higher than bank rates. And its unlikely they will do 30 year notes. Bank rates are probably under 6% right now for 30 year fixed, and you really want to lock that in if you can.

Any chance hubby can get another job soon?

The other option is to look for owner financed deals. Ones where the owner will carry the note, do a land contract, or lease/option.