Posted by JGinIL on November 13, 2009 at 17:59:13:
I started investing out of state because where I live the sharks are swimming up to every deal good or bad. I found a 19 unit in Cincinnati and would like to do renovations and continue renting it. Problem is I have about a week to close. Owners are out of state as well so I don't want my no money down deal to disappear. I have tried to seek funding but to no avail. HML's are not as plentiful in Ohio I guess. Please help...
Here's the deal:19 units in 2 buildings, sales price $235,000
looking for true HM rehab and purchase costs in one loan.
Cashflows on paper because the sellers are not really collecting rent
I can reno one building (have crew ready) and lease up then do the other building.
It will take 2-3 months to complete work and I can refin in 6months into a loan from the City of Cincinnati.Any help appreciated.