Looking For Financing Guidance in PA
Good morning team -
I been diving into this new world of the Bearded Tall Man Brandon.. Lol
I Really like his style and what he has made me look into... Passive Income...
I have always been a numbers man working in the financing world.. Like all thing comes to an end so did that field! Than while running through my compensation package. I discovered YouTube University... I enlisted and engulfed myself in Real Estate.... You couldn't really do that working in finance(They made me expire my Real Estate License)... so I created a 18month plan that should hopefully net me between
5 - 10k a month net...
I was able to purchase my first Property in PA Dec 2019, its a 5 Unit that I'm almost done fixing.. I have one tenant.
I was in contract for another property, but the financing didn't make sense. To put down 25% on a Property under $140k and the income that would be made is about $1200.00 didn't make sense to me, so I dropped that deal.
I'm currently in contract on a building that the City owns that I will convert back to a four unit needing about $20k in rehab and about $100K to purchase.
Does anyone know a decent Company that offers 90/90 Loans?
Thank you...
Most Popular Reply
If the as is value is at least $112,500 and the after repair value is at least $170,000, some hard money lenders will consider doing it for $10,000 down + closing costs.
If you're converting it from an office to 4 units it will definitely take much more than $20,000 though. For example, if you're building a kitchen where there wasn't one before at a bare minimum it will take you $10,000. If there's already a working kitchen in the office space, you'll need 3 so that's $30,000 right there.