I NEED HELP! It’s a crisis !
Hello, hopefully this helps. So I’m looking at my
First multi family deal, it’s a quad plex, 4 family 1br 1ba, about 3,000 sqft. Older man owns and it needs some tlc (cleaning, drywall mud, paint, some new Windows) but nothing really beyond cosmetics. Had roof replaced a month ago, new water heaters but ran on an older water boiler system. All and all place is pretty much move in ready besides windows and some trash cleanup.
Since it’s a multi family it’s harder to find comps in that area but sfr comps are going around 120k. Ive got the owner down to 108k, My gramdfather was supposed to go in with me as buyer because I have very poor credit and little money upfront, and I was going to manage and do most of the work I could then contract the bigger jobs. Currently vacant but was cashflowing $600 per unit before owner decided to sell.. I’m thinking I can do more than good on this deal but don’t know where to get finding because my grandfather is slow to pull trigger and playing spectator on all the deals I bring for him to look over. Does anyone know what I should do from here? Or know of anyone who would finance a good deal like this, even to someone with below poor credit?