Hello BP Community!
I found a duplex that I think is a stellar deal. I don't have a down payment but really want to jump on it. I know a conventional mortgage is likely going to look for a 20% down payment. I do not have the funds to put down nor do I plan to live in it (husband and I bought a house last year for our own residence). The house could definitely use some work but it's livable now. My limited knowledge of RE investing has been pointing me to go to a hard money lender and get a loan, put some money into it, rent, refinance BRRRR. Is that my main option or is there another avenue I should be exploring?
Thanks for any information and/or advice you can provide!!
What’s the ARV ? What can you buy it for? What are the repairs? You can’t brrr without knowing these things.
Your other option is seller financing
@Caleb Heimsoth ARV is $230K. On the market for $159, planning to offer $150K. Repairs at about $10K to make it into 2-2bd2bath and some minor exterior work. I started researching seller financing once you mentioned. Thanks for that tip!!