Creative Financing for Multi Family
Hey guys,
I see a few multi family units across a few states a cities that I could easily get to if need be. I want to go for it even if I fail and fail terribly I want to try and go for it. That being said I have a flip that Im currently working on. When I bought it I thought a had a strong indication of ARV and that was 240-260. I didn't check the market for about 4 months just focused on rehab (doing it myself while working full time) and multiple homes have sold in my zip code/ area for 300k+ with less sqft, baths, and or bedrooms. Long story short Im confident by looking at the comps that my home is 100% better than what's selling. I can get 290-320 all day for my home. I never knew or thought about the BRRRR method to real estates and I feel that I want to stop thinking small and shoot for something BIG (in my option {8+ unit multi}). My issue is making the money work. My thought was taking a second mortgage out on this home to accommodate as a down payment with roughly 150k equity thats a sizable down payment. Can anyone understand where im coming from and have any in put? I admit this is out my league so I humbly seeking help. Thank everyone for reading and their in put ahead of time.