Updated about 10 years ago on .
3 Unit Apartment for rehab
Hello! I am looking for assistance on what are my options for my 3 unit house passed down to me my dad from my deceased mother. A seasoned real estate investor and mentor of mine suggests that it will take $140-150 to fix and that the house needs a complete rehab. The ROI would be 10 yrs at $15,000/yr. I am currently in bankruptcy and would like to keep our house. I'm trying to find out some smart ways to keep our 3 unit house but get the loan needed to rehab the house. Someone suggested that an investor pay for the rehab and he/she pick up the payments from the rent until fully paid. Has anyone heard of anything like this before? Or does anyone know if certain hard money lenders will work with current bankruptcy people in certain situations? I am active duty in the military, and have not missed any payments to my trustee in over 1 yr. Does what I ask for sound too far fetched? I need honest opinions!