Multi million dollar for first time investor
Hello fellow investors, I need some guidance. There is a property that my buddies Grandpa is selling and it’s in the very upscale part of SoCal. Problem is it’s a HUGE home that is already beautiful, with over an acre of land, but needs modern upgrades since it has original features like green carpet. The home has a potential ARV of over $1 million over purchase price and probably needs about $200k-$300k in rehab/upgrades cost. I feel like it’s a great investment but obviously is more money than I have to cover the cost. Can you guys help me with some ideas as to how to purchase this home from my buddies Grandpa without using my own money? The asking price is just over $3 million. What is the best way to utilize lenders to make this happen? Again, I’m new to investing but a deal is a deal big or small and I see good money in this. Thanks for the guidance.
-Nick