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Updated about 6 years ago on . Most recent reply

User Stats

28
Posts
1
Votes
Cedric Jenkins
  • Rental Property Investor
  • Biloxi, MS
1
Votes |
28
Posts

4 unit complex + House combo

Cedric Jenkins
  • Rental Property Investor
  • Biloxi, MS
Posted

Newbie looking for advice.

Found a property, it’s a 4 unit apartment complex with 3/2 house on the same land. Good bones, but will need full cosmetics work.

Owner wants 60k. I would say rehab would cost 60-70k total (will do walk thru and get accurate quote from contractor soon)

ARV 190k

Which route would be advised to get funding for this project?

Please help. Trying to secure by Christmas.

Most Popular Reply

User Stats

1,166
Posts
372
Votes
Tarik Turner
  • Lender
  • Hackensack, NJ
372
Votes |
1,166
Posts
Tarik Turner
  • Lender
  • Hackensack, NJ
Replied

I ran across a deal like this in the past be sure that all units are legal with the city that can cause a major hiccup in regards to funding. 

But a standard HML fix and flip loan would work then you can always refinance out once completed that would be your best option to close prior to the holiday

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