Updated over 9 years ago on . Most recent reply
refinancing current house to buy investment
so the 1st house i got in the name of my LLC and it has clear title now, and i'm looking at a money making duplex. i paid 10k for the 1st one, and it could appraise for about 40k. i'm living in it so i could save money by not renting an apartment anymore. the duplex's seller owes 20k and will sell for what he owes (all cash or 1500 down and ~350/mo. and it needs less than 5k worth of carpet, paint and maybe appliances. i know i could rent it for 325 on one side and 375 on the other. making 700/mo. and after 5 years it all profit (in theory). but i am on a limited income. and i need to borrow $2500 to give the down payment and at least put the new carpet in. i already have people calling wanting to rent it. is there any lenders out there (on here, or any you know of that lend to Indiana residents/businesses) that would lend such a small amount? based on the deal? in the business's name? (personal credit sucks. was 490 last year, until i started taking action and now closer to 600, will continue to improve it, but can't wait that long, or i miss out on this deal.)