All Forum Posts by: Jeremy Greenwald

Erik, 
Great advice here - thanks! 

Seller is aging and downsizing his portfolio. This is an arms length deal. I have all of the zoning confirmation documentation, seller and I have completed small deferred maintenance repairs that showed up in the inspection and appraisal. If there is more to the story, I’m not sure what it is. 

Interesting feedback on the commercial LTV preferences. I didn't realize the $500k preferred min. I was thinking my low LTV would translate to low risk for them since I have more skin in the game.

 6-unit will be a turnkey property. @Robin Simon actually we need some support in financing you may be interested in. See my other post:  https://www.biggerpockets.com/forums/517/topics/1196510-any-creative-lenders-for-6-unit-high-dscr-property-fast-close-needed?highlight_post=6800074&page=1

 Hey Joseph, we are looking to put between 40% - 50% down on the $680k, but are somewhat flexible. 

Great small multifamily investment opportunity!

I am UC on a 6-unit property in the Atlanta metro area with great value and metrics, but I am having trouble finding financing for the deal due to it being classified as a legal non-conforming use by zoning. It was grandfathered into the current zoning code. We have already completed the inspection and appraisal, both of which have come back clean. We are closing on June 28th. The lender we were working with initially said they could do legal non-conforming uses, but now have backed down from that. We are looking for a 30-year DSCR product at 55% LTV, but open to other creative financing terms to come up with half the purchase price.

Here are the details:

• Property: 6-units (mix of 2/1 and 1/1's) – configured as 1 SFR, 1 duplex, and 1 triplex on 0.47 acres
• Condition: Older structures but significant renovations to SFR and duplex in last 3 years. Triplex is fair quality with some deferred maintenance, but livable. Recent exterior spot repairs.
• Purchase Price: $680K
• Rent Roll: ~$6,200 per month, all units rented with long-term tenants and multi-year active leases.
• Appraisal: $850K
• LTV% Requested: 55%
• Zoning: Located in an overlay district zoned for 12 attached DU per acre.

Are there any creative lenders who are willing to lend on a legal non-conforming use and can close in a week? Please send me a private message and I can share more details.  

Offering Memorandum and Appraisal Available Upon Request!

Hi all, 

I am an urban planner turned investor and have been in the REI game for about 4 years now. Living in Atlanta, GA and investing in southeast. Excited to connect with the community and learn some things! I am always open to potential deals or partners who want to get into small multifamily development with a long-term goal of commercial investing.

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $180,000
Cash invested: $120,000

Our first BRRRR was a quadplex outside of Atlanta. Bought for $180k in 2023, dumped ~$120k into the rehab (about double what we initially estimated), and raised rents from $525/unit to $1200/unit. The property appraised for $465k and we cashed out $348k to pay back our PML and use the rest as a down payment toward the next deal, a 6-unit we have UC.

Now it has long-term tenants in all four units that cashflow about $700/month. Learned a lot and caught the BRRRR bug!