Hey i was wondering if anyone knew any dscr lenders that would be willing to take the 2nd position on a loan, i have a property in Oakland california where the seller is willing to finance 85% of the purchase price at 5% interest, The asking is almost 4.6 million on an 18 unit apartment, i dont have the down payment for the remaining 15% which would be 689,250. the seller is willing to come down on the price and at market the apartment brings in 41,255 per month, tenants pay thier own expenses. i tried calling a couple of lenders but they said they wouldnt take the 2nd position or would only finance until 90%.

I invest in Birmingham and there are neighborhoods that would do well for cash flow on paper but then the neighborhoods are rough, which means my cost of maintenance is going to be higher (broken windows, stolen HVAC units, etc).

Over 20,000 units at this point; he picked up 5,500 more earlier this year.

Investment Info:Large multi-family (5+ units) buy & hold investment in Cameron.

So I found a for sell by owner property that is a mobile home that has been converted into a two unit duplex (units have been furnished by owner).

Preference for a company that has experience handling non-conforming units which share meters.Thanks for your time!

Hi Chrissy,A couple of years ago I did a cash out refi on one of my rentals with United Wholesale mortgage. 

Matthew,Based on recent investor track records I would say choose Ohio over NY or NJ for a 2-4 unit. 

Nope.... the rent is for the unit..... not the number of tenants in it.

There are tons of opportunities, but the niche of San Diego tends to be purchasing small 1-4 units and adding ADUs to increase density (if that is a strategy you are considering)