January 31

How to Finance a Co-Living Property

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How to Finance a Co-Living Property [Q&A]

Question: I own a few long-term rental properties. Now I want to start finding larger properties to rent by the room. My cash flow will be more than double.

I am going to look for a house that I can modify and buildout at least a few more bedrooms. I would probably try and get 6 bedrooms out of each house.

I imagine that I would purchase the home and put another $75k in getting it ready for co-living. Will the DSCR lenders look at the lease agreement if I have one main tenant who subleases to the other tenants?

What would be some suggestions for financing?

Nate

Timestamps

[00:45] Co-living properties as a growth sector

[00:54] Banks and credit unions that understand co-living

[01:07] Doing a bridge or a fix and flip loan to get 80 to 90 percent of the purchase and 100 percent of repair costs

[01:25] Looking for a takeout with a bank or credit union for a long-term debt

[02:06] Beau’s financing suggestions for co-living properties

[02:25] Adopting to co-living as a trend nowadays


Tags

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