Updated over 5 years ago on . Most recent reply
Private and hard money lender
Hey, I stumble on an okay deal on a duplex at a market price in Florida .Then I realize there is another unit that technicly is a Triplex . The reason that it wasn't list as a triplex because it wasn't finish . It was just one big room with no kitchen and bath but it could easily be a 2/2 or 2/1 the plumbling are already there just need wall and doors , closet to make it liveable . Oh and kitchen sink and cabinet and major appliances. It still cash flow as I ran it as a duplex but now I feel this deal just got sweeeter knowing I could get another door income.
My question is I need about 70K for down payment, I do have cash reserve but now I will need it for the 3rd unit rehab . I was thinking private money or hard money for the down payment and finish the 3rd unit as quick as possible and put a tenent in it and refinance it as a triplex . So I can pay off the hard money. Am I making any sence or should I just walk away ? Thank You.