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Updated 8 months ago,
Lenders HELP! Great Find - Need Creative Financing?
I am barking around an off market property and I want to jump on it. It's the first place I have seen in a while with this much upside potential. Owner put out a "feeler" on a local Facebook group and immediately got bombarded by inquiries. Mine was one of them and because we are just a small family, I think they want to sell it to us rather than investors.
I am interested to hear what others think, their methods to finance, tools they use and if they would go for it.
I might be able to bring some other financing from family but we currently have about 140k to put down (yes I know that's low).
House is on the historic register, once a bed and breakfast, a massive 4 bed, 3 story Queen Anne Victorian, very well maintained with multiple rentals.
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Current Rents:
House: Basement Apt: Current owner occupies $0
House: 4 bed, former BnB, currently 1 room LTR, frequently STRs (travel nurses) 800
1 BR Apt: $1000
Studio: 900
Cabin 1br: 1000
Cabin Studio: 700
Current Gross Rents: 4400
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Potential Rents - All rents are currently below market*:
House: Basement Apt: Owner occupies $1500 ($0)
House: 4 bed LTR $2800 STR $5500+ BnB 20,000
1 BR Apt: $1500
Studio: 1200
Cabin 1br: 1500
Cabin Studio: 1200
*There is an addition attic apartment unused: 1200
Potential Gross Rents: LTR=$9400 - STR=$12,100
Tax:530/mo
Insurance:250/mo
Assumptions: Small family wanting to househack and come as close as possible to no monthly expense. We intend on holding the property indefinitely, doing minor improvements. High rental demand so good tenants. Rents are severely undervalued and several potential units are left vacant due to current owners situation. (age, well off doesn't need $)
Asking Price: 1.15M
Current Down: 140k
I am open to hear from lenders that can work a deal like this. Let me know what you think and thank you guys SO MUCH in advance. I truly appreciate any insight!