Loan amount
$250,000
Loan type
Purchase {Rent&Hold}
As-Is Property Value
$500,000 {PP:$250,000}
LTV
50% {LTV}
Property type
Multi-Family 5+ Units
Borrower Details
Credit score
720
Deal experience
1 deal
This loan scenario was submitted by a Broker
No
Property Details
City
Toledo
State
Ohio
Loan Details
Purchase price
$250,000
Down payment
$0
Additional Loan Information
I just purchased an eight unit for $242,500.00 in Toledo, Ohio. I used most of my reserves on the down payment of this purchase. I would like to expand my investment portfolio. Another eight unit apartment has come on the market on the same street for $244,500.00. I am interested in purchasing this unit but do not have the funds to do so. If I can secure funding, I would like to offer $220,000.00 for this building. I have owned two single family homes in the Grand Rapids, Michigan area for several years. Because of the values went up so much, I decided to sell them so I can get more so I have had some rental experience. Just like the other rentals in my past, the current property I just purchased and any more I purchase in the future will be professionally managed. I have very good credit score if not excellent. I pay my bills, thus the good credit. I am not a slumlord. I like to present to a future tenant a clean and affordable living space. Thank you.
Status
Created
January 17, 2021 - 5:07pm

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