Updated over 2 years ago on . Most recent reply
First deal looking for advice
Hello everyone,
I'm looking for a little help. I have a multi family property that I'm looking to buy the price is 225k. It is a triplex with 2 of the units rented. Rents bring in 1750 a month. The property will not qualify for conventional lending,due to foundation issues in the one unit that is not rented. the owner is willing to do seller financing for a short period of time so that I can get the foundation repaired and get a conventional loan. I'm looking to do an owner occupied loan so I can do 5% down. My problem is I only have 20k. The repairs are about 15k. Which leaves me with 5k to offer the owner and no more down payment for financing. The arv is 300k and I'm looking for a buy and hold strategy but the number are not there so leaves me with a fix and flip. I feel like I'm in over my head and should look for something eles. What are your thoughts.