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Casey Gilligan
  • West Chazy, NY
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Financing Question

Casey Gilligan
  • West Chazy, NY
Posted Feb 14 2015, 10:34

Hello BP, 

Our first investment is a family members duplex. We are converting the 900 sq ft garage into an apt making it a triplex. Duplex is assessed at $120k, we are paying $55k and will invest another $45k to make the third apt. Rent will be +- $1300/mo total once the third apt is complete ( one of the apts will have a life lease). Does anyone have financing advice for the $55k and $45k? I can't afford to pay cash for it, I have plenty of equity in my home to purchase it with a home eq loan. I have already formed a real estate LLC. And I plan to use the equity from this triplex to purchase my next building. Thank you all, awesome site.

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