I've found what looks on the surface to be a great deal. The problem is I've just sank my budget into another property. I've got $5000 in the bank and those are my reserves for emergency repairs.
It is a triplex with 3 single bedroom apartments. All units are filled with long term tenants paying $500 a month. The shocker they are only asking $90k. If I were able to fully finance it with a loan at the rate I'm getting now my payments would be around $600. Minus say $300 a month for repairs and management and the profits could be $600 a month. What are my financing options? Is there anyway for me close this deal not knowing any hard money lenders? Im sure this one will go fast.
Owner finance it or refi something else to get money out. Or find someone to partner with
I agree with mark
Well I spoke to my realtor. She told me I could get a loan with my current lender for as little as 5% down unfortunately they have already received 7 offers for the property which tells me that it will go for more like $120k and I seriously doubt the building is worth close to that.
Not sure where this is, but I've dealt with low ball listings before locally in the Bay Area. The agent would put low price and start a bidding war... frustrating to say the least.
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