Lender/BRRRR Strategy: FourPlex with SFR on property
Hello All,
I have found a potential investment property I would love to commit on, but would definitely need some help (money wise) to get into this property. I have listened to a lot of webinars and read a few books discussing the BRRRR strategy, but I think it is still foreign to me. I have been actively looking for Multi-Family properties in the LA area and it is definitely hard to come up with enough money for a down payment, especially on something this large. The property is listed at $1,000,000. I have run the rental property numbers and it looks extremely promising for various scenarios.
Lets assume I am able to talk down the price to $900K. Even if I go in at 3.5% down that $31,500. I would need that plus repair costs (at least $20K). The rent per unit (all 2bd 1ba) would bring in great monthly revenue. I just need some advice on getting finances together in order to go in on this property.
I only have ~$15-20K of money to myself to go in on this property. Really want to have a chance to get this perfect house hack property.
Should I look for cash lenders for the amount I would need to get the property? Look for a potential investor that would go in on this property with me? Should I look deeper into a BRRRR strategy?
Thanks,