All Forum Posts by: Valerie Renee Bowman

Everything Is fully rented and turn key with about a 1.5-1.7 DSCR.

Hi everyone,

I am looking for advice on a deal I have under contract for 550k in Sandusky, Ohio. It consists of an 8 unit apartment building being sold with a single family home next door to it, each on their own parcel. I am having difficulty finding a lender who can match a loan type as the single family seems to be complicating things. I have been told that systems for blanket loans only allow up to 4 units. Can anyone recommend  a lender in the area who could accommodate this situation?

The seller needs to sell the property for a divorce settlement and initially did not want seller financing. I have been considering asking to buy the single family in cash to separate the deal but would like that amount to be subtracted from the purchase price while keeping the cash I would spend on the down payment the same to include the single family that way the seller gets the same amount of cash upfront. Is this too much to ask for or is there a way to make the numbers work as the single family is already discounted by being included in the sale of the apartment building. 

Thanks in advance!

Wondering how others do the application process. Do you require an application and screening before showing the property to save time with tenants that do not qualify?

Is there a faster method then sending applications to individual tenants in response to their request to see the property? Especially interested in advice when advertising and managing on separate platforms like zillow/ rentredi.

Thanks in advance!