How to finance a property that will need some repairs

[Michael Bataran]

Hi everyone,

So I found a 3 family property that I would like to purchase and keep as a rental for the future.

The property currently needs about 20-30k in work, and is currently listed for 200k, although I believe it is worth closer to 180-185k currently, with an ARV of about 230k-250k. After repairs the property should rent for about 2700-3000 a month.

I don’t have enough saved up to buy the property conventional, then afford the upfront maintenance to capture market rent. So what is the best way to finance the property to keep as a rental for the future?

I appreciate any help or insight that you can provide

[Nick Rutkowski]

@Michael Bataran

Plenty of ways. Do you own your own house you can pull equity out? Can you go FHA on the new property? Have you asked a rich family member for some downpayment help? Do you have a partner who would like to go into RE with you?