I have found an investor willing to start an LLC and use their credit to obtain funds to purchase properties, but they want to do multiple deals/rehabs. We have tried the local banks, but they won’t do any, or just want to do one or 2 at a time, any ideas out there? :
Good credit score, good employment, income and savings, but don’t want to pull equity out of their personal home.
Has this person done any of this kind of work before? Are they a seasoned investor? If not, thats probably why. Where are you looking to do the rehabs?
I believe the one has done deals like this before, but the other one hasnt. The properties are in Indiana, in a low price range, part of properties will be “lease to purchase”, part will be flips. Thanks for replies!
So if I’m understanding you, you need financing for multiple purchases that will ALL be rehabs?
On the rehabs, do you need funds for the purchase and also fixing up the property?
What roll do you play in the deal? Are you the agent, broker…etc.
Keep trying the banks. How many have you spoken with? Try the local community banks where the properties are located. Are you in a suburban area? When you speak to the banks, make sure you talk to the commercial loan officer.
If you absolutely cant find banks then there are other sources of funds available. Hard money and most likely soft money since he has a good profile. Either loan will be based off the after repaired value and can fund all of the purchase, fix up, costs, and payments if there is room.
Let me know if you have additional questions.
I will basically be the contractor/birddog. They are investors, I will do all the legwork including finding the properties and getting the repairs done to the rehabs.
Thanks for your answers!
I have been working with a great person at First Horizon Home Mortgage. His name is Eric Zorbaleef and he is the District Manager. His number is 734-452-5376. Please let me him, I gave you his name & number.
Violet