Trying to find financing for duplex

New to Real Estate · Rhinelander, WI · Member since 2024 · 6 posts · 6 votes

So I have found a duplex both 2 bed 1 bath apts in my area, Rhinelander, WI, for $65k and I am really interested in buying and renovating it. The renovation costs would be around $80k. Problem is that I don't have enough to purchase it outright let alone pay for the renovations. I have thought about a FHA 203k loan but I have a family and kids that doesn't make that possible. It needs a lot done before it can be livable.

Another part of this is that it is so cheap as well as in a smaller area and hard money financing will not accept it.

I would love to hear anyone else's thoughts on what I could do and if there are any unique ways to finance this project.

Thank you all and I can't wait to hear your insights and feedback!

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Bryce JamisonPro Member

Rental Property Investor · Mebane, NC · Member since 2015 · 493 posts · 439 votes

4mo

Have you talked to your local banks and credit unions? At145K total you might be able to get a personal or business loan if you have a home or a 401K you could leverage.

I'd also go to every real estate meetup in your area to see if someone there is willing to finance you. You may be able to find someone that will finance it for more involvement / a bigger piece of the pie than a bank.

And if you can't find financing, maybe it's something you get under contract and assign to someone who can fund it for a finders fee. Then you'll have more money for the next deal you find.

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Erik EstradaBusiness Member
Lender · Member since 2022 · 6k+ posts · 1k+ votes
4mo
Hey Josh,
If this was for an investment property purchase only, you might want to consider a fix and flip loan. There are lenders that do not have a minimum purchase price and can finance your rehab costs.
If your plan is to owner occupy, you might want to look into local banks/credit unions
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Bryce JamisonPro Member
Rental Property Investor · Mebane, NC · Member since 2015 · 493 posts · 439 votes
4mo
Have you talked to your local banks and credit unions? At145K total you might be able to get a personal or business loan if you have a home or a 401K you could leverage.
I'd also go to every real estate meetup in your area to see if someone there is willing to finance you. You may be able to find someone that will finance it for more involvement / a bigger piece of the pie than a bank.
And if you can't find financing, maybe it's something you get under contract and assign to someone who can fund it for a finders fee. Then you'll have more money for the next deal you find.
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Neil Smith
Flipper/Rehabber · Sacramento CA · Member since 2021 · 7 posts · 4 votes
4mo
Quote from @Josh Willis:

So I have found a duplex both 2 bed 1 bath apts in my area, Rhinelander, WI, for $65k and I am really interested in buying and renovating it. The renovation costs would be around $80k. Problem is that I don't have enough to purchase it outright let alone pay for the renovations. I have thought about a FHA 203k loan but I have a family and kids that doesn't make that possible. It needs a lot done before it can be livable.

Another part of this is that it is so cheap as well as in a smaller area and hard money financing will not accept it.

I would love to hear anyone else's thoughts on what I could do and if there are any unique ways to finance this project.

Thank you all and I can't wait to hear your insights and feedback!

Hi Josh. Ultimately you’ll need a private money individual to help. Reach out to me if you’d like me to connect you with someone.

They will of course ask for a property report breakdown- if you need help putting that together let me know

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Mike Klarman
Specialist · NJ · Member since 2022 · 1k+ posts · 650 votes
4mo
What is the ARV?
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