Updated over 6 years ago on . Most recent reply
Raising capital for first deal
I think I’ve found my first deal and I’m stuck on what to do next. The property is a duplex in an area of town that is directly in the path of growth. There are tons of new homes going up in the area starting in the mid 400’s. This property needs a lot of love so it’s at 93k currently. Looking at what is renting in the area, most 2 bed/1 bath units are renting for 700 a month. I know that I need to look a lot more closely at this property to get more accurate numbers but at a glance it seems like it will cash flow well.
Here’s where I am stuck. I have very little capital on hand for this deal. This is not a property I would house hack so more than likely I’ll need 20 percent plus the rehab cost (which I have not estimated yet). Any ideas on how to find a way to pay for the down payment and rehab costs?