I have seen a few vacant buildings on loopnet.com. Are there other sources anyone knows of for finding vacant buildings?
Yes, there are programs that will allow for the rehab then stabilization of vacant/low occupancy multi-units.
However, unless you have access to 1) a significant downpayment, 2) a significant seller held second or 3) have enough personal cash flow as to be able to handle the debt service of the property without the benefit of any cash flow generated from the property. Then you will find it difficult to get funding from any lender.
Private funds are always available if you can come to an agreement with whomever has the funds…
Thare are many ways to find vacant properties.
Thare are allso Rehab loans to help buy and fix those properties with no payment for six mths and no money out of pocket(DP), however they are limited to 4units or less.
If you can find a vacant 4 unit-: finance the purchase, and rehab, and get it ready and even rented in the 6 mth period you will find yourself in good position, wether you sell(FLIP)or hold for cash flow and refinance. Do to being vacant and in need of rehab you will find a very nice upswing in equity when finished maybe even some tax benifits if your savey.
This type of deal is easy to find because most investors don’t have, or can find, the cash needed let alone want to invest it into something seen as so risky.In most cases like this you will putt more money into the rehab than the purchase.Again they are risky to amatures because they are mostly as-is properties so they have suprises to overcome during rehab.
Your Better Bird-dog and PM
Christopher