All Forum Posts by: November Morris

Have you reached out to a commercial lender at a local community bank? Terms will be a little different than conventional financing with slightly higher rates likely. I would think that might still be a better option than hard money! 

@November Morris Since you mentioned these are your first properties - how familiar are you with East Cleveland? Have you been there in person? As an almost lifelong Clevelander, I’d recommend a lot of due diligence before purchasing properties in East Cleveland.

@November Morris The short answer is yes, but they are more difficult to find. Your best option is to reach out to the smaller lenders and credit unions in the area. I’d offer some suggestions but I’m only familiar with lenders in the greater Cincinnati area. I’m doing the same thing and having trouble getting it done due to some lenders pulling back due to COVID 19 and the eviction moratorium. Another thought is private lenders who maybe looking for 7-8% long term returns. 

@November Morris

I remember hearing recently where someone did this but came to the closing table for two properties at once. It is definitely not a common practice, I’m sure it’s much easier to blanket them after the seasoning period but maybe it’s possible. Are you attempting value add with a refi following?