All Forum Posts by: Ben Garrison

I agree. I was in a similar situation recently. Bid on both and only ended up getting one of them. It's common practice to submit LOIs first and sort out some of the details before you go into a formal contract. If they are good and you keep waiting someone else will get them both! Good luck.

Hey Ethan, this package happened to be on the commercial mls. I'm a broker so easy to find for me!

I like the suggestion of cherry picking a few of the houses out of the batch. I'm in the middle of a similar deal with 5 small sized houses. We offered on four of them and dropped the one in the worst condition to get us into residential lending territory and many more financing options. You might pick the best four of the ten and make an offer on them. Banks in our area LOVE the 1-4 unit residential category right now. If he goes for it then you can take down the other 6 units next year or as you go. You can also talk with him about how he can spread out his tax liability that way.

Hi!

I have 4 single family rentals under contract and am looking at options for financing their purchase and renovation.  They're all together in a nice little village setting in Rossville, GA.  All are 2 bedroom / 1 bath, under 800sf.  They are all occupied, one of the tenants has been there since 2007!  Here are a few details, please message me with any questions:

Contract price:  $107,000

Renovation budget: $23,000 (All new roofs & gutters, HVAC replacement/repair for 2 units, plumbing repair, wood deck and exterior siding repair, tree trimming for several large trees on the property)

Gross rent:  $1,800/month  ($440,$450,$460,$460)

Property taxes:  $951 in 2016.  Property insurance is out for quotes now.

Strategy:  Buy, renovate, hold long term

I'm talking with a few local banks/credit unions about doing a loan. They have great terms but only go up to 80% LTV. I'm interested to see any options out there with a higher LTV. Let me know if you are interested in lending on this and I will answer any questions you may have.

Thank you,

Ben Garrison

I would love to hear as well.  Thanks!

Thanks @William Allen!  I heard someone mention your company a few weeks ago as coming into the Chattanooga market.  Welcome.

Interesting. David do you know of any hard money lenders that might be interested in doing a purchase and rehab loan on this deal? Thank you.

Hey David, yes that package. Have you evaluated these in detail? Not sure yet on budget, haven't been inside yet.

Hi all, Big Ben here in Chattanooga, Tennessee. I'm about to go under contract on a 5 unit multifam package. 5 houses on 4 land parcels. They gross $2,400 / month. Assumed contract price at $150k. Looking for a 6-9 month loan that offers flexibility for us to rehab the units, and possibly sell the entire package, or as individual units. I have a construction partner experienced in this type of project, whose wife is a property manager. I'm the agent. With appreciation, Big Ben Stone Fort Properties

Lewis C. You can also look into a Series LLC