Updated about 4 years ago on . Most recent reply
First fourplex- financing options
I just got in contract for my first fourplex! Cash offer of 210k with a 45 day closing. The property is old but well maintained, it has one vacancy assumed at $1100, other 3 are renting at $2650 total. I have 150k on hand and 80k in line of credit. Assuming I have enough time to get regular financing I can either 1) Take a regular mortgage with 25% down. 2) Pay cash and refi right away ( which I might have to do if time is tight). 3) Pay cash and try to improve the property ,raise rents and refi in a few months. Any thoughts on what option you would do?