All Forum Posts by: Trace J.

@Melissa Dorman  Did the lender have any issues the the seller financing or did they even know about it?  I've been told recently I can't do that on multifamily but I think that's false and I believe you just proved it.  Wondering if you have any tips on dealing with a lender when dealing with seller financing or PML for part of the down payment.   Great job btw!

Mya - are you still having this issue? I have been using a HML as well and getting killed by cash offers in Cape Coral even offering more than list price. What I am finding is these sellers want a quick close and here I am having to wait for appraisals so my closings are usually 30+ days. So yes even lower cash offers are being accepted. I am now on the hunt for some Private Money Lenders so I can become one of those cash buyers!

@Michael Plante the area I have been working in has just exploded in the last year plus in SWFL. I am not finding anything below 100k anywhere near me or even within two hours (Tampa area) although I just started looking there. The ones I have found so far are around 165k-200k+ but I don't know the areas yet so I am still studying those. I don't want to make a mistake that will cost me my life savings so far if you know what I mean. As Taylor L said above I may just start doing JV deals if I can find the right partner. I appreciate the input.

@Taylor L. no these have been national hard money lenders. I am just in the process of meeting people and trying to establish some relationships. I know it takes time so I will keep working on it. I have not put out the JV request yet but I'm getting darn close! Although I don't know if a JV would want a split on a 60-70k profit? I'm not sure where that threshold is for someone putting up the money...

I'm sure I'm not the only one who has been getting beat out by cash offers on SFH's that need rehab. I don't have a PML in my pocket and have been using hard money. Even with hard money it has been taking 30-45 days to close due appraisals. What has anyone done to overcome or be able to find PML's to fund the cash purchase? Needing tips and advice as I'm getting frustrated after several losing offers, even at full price. The market I am in is very hot which doesn't help for purchasing but does for selling in Florida. Basically you have to have cash, close quick and no contingencies. I do not have the 250-350k cash quite yet to do that. Help!

thank you @Matthew Crivelli I know most lenders won't accept a second position, but just wondered if a seller or other private lender was allowed as a second position holder on the dp.  I will figure something else out.  I appreciate the feedback.

This may be a dumb question, but are the down payments on Multi-Family units allowed to be creatively financed such as by the seller or other parties? I know you can on a partnership/JV but what if it is just your own business purchasing a property and your cash is tied up in another project at the moment?

Thanks @Kristina Kuba !

Thanks @Kris L. !  Message sent.