Updated over 13 years ago on . Most recent reply
Is this a deal you'd consider, or approve of.
Looking at a property in Orange County, very close to the water. Good neighborhood, probably rate it an up and coming B area.
4 units. 3/2 house, 2 1bed units and a studio. One unit needs completing and permits. Zoned for up to 4 units. The rest of the property is turnkey and ready to rent aside from the one unit.
Nice garage, about a 1/2 mile to the beach. Purchase would probably work out to be close to 500k. Could not be financed initially. Conservatively, rents would be $4,500-$5,000 on the higher end.
Looking at a $500k purchase, 5-10k on the unit and some holding costs till its fully rented. Refi out leaving roughly 25% equity in there, I have the credit and income to support the loan.
Would you or would you approve of another investor partnering up on a deal like that? I would need the cash partner to make the purchase, I would use my credit to refi out. I would manage the acquisition, rehab and manage the property thereafter.