I just purchased 10 SFRs at a tax auction and got a killer deal, however they are all in a distressed state and I need about $20k per door for rehab.
All the homes are 100% free and clear paid for.
I'm already in this market with other rentals so have a team in place to rehab and get tenants placed, I'm just in need of the missing piece of our team which is affordable financing.
Can anyone help me with private money?
I spoke with Wells Fargo and they offiered me a loan but wanted 5k per loan, if my math is correct, 5 from 20 is a 25% expense, and thats way too much for me.
Because these are in distressed situation (no lipstick on yet) they won't appraise for any decent value, despite the ARV value and the market rents of $600 - $1000/mo.
I'm looking for a 60 month term so there is some breathing room, but anticipate, since I don;t like debt, to pay off in 2-3 years.
Help me solve the missing piece to my investment puzzle with your financing!
(and yes this is me with the ABC Sharks, and no they wont lend to me because I only need 200k and not 200m :) and I won't give them any ownership.)
Noticed you did not indicate the Market, State, City or anything. Is there a reason for this?
Wasn't intentional, but again so many have such horrible impressions of the city. all my properties are int he greater Detroit area.
Thanks for the Prompt response but, we operate out of South Louisiana about 80 Miles West of New Orleans. Sounds like good deals. Only if they were closer.
It is a good deal, and you don't need to be close to your money for it to work for you.
Call Sam Thomas or Sung hee Grittmann at Paramount Financial Partners (515) 554-5541
if you want me to visit your webite, it would be helpful if you give me the URL
I am a Registered and Licensed Money Lender/investor who gives out
loans of various kinds such as Payday, Personal, Mortgage,
Business,Auto Loans to Serious and Interested People at a very low
Cost affordable rate. Contact me today via email to get started.
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