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Updated over 8 years ago,
11-house package deal, ideas on financing it?
I have a lead on an 11-house package deal in a town on the outskirts of Houston, TX. It's an older couple that are tired landlords and are ready to get out, but they don't want to owner finance.
- Asking: 445,000 for 11 houses (all shapes and sizes; a few duplexes, mostly SFRs)
- Cash flow: 1,544/mo on the whole package (calculated with 100% financing at 8% in the BP calculator)
- Cap rate: 12.96%
Does anyone have ideas for how to finance the purchase of this package of houses? I don't have $445k sitting around to pay cash, and I'm not really sure how I could do hard money or BRRR when all the houses come under one financing package. And of course 11 houses at once will make any conforming lender run and hide.
Seller is refusing to allow me to cherry pick houses, understandably.
Any ideas for how to proceed on this?
Thanks!