Need Financing! Under Contract. HELP!
Hi BP community!
Yesterday I put a 6 bedroom, 2 bathroom house in Rincon, Puerto Rico under contract for $170k. The property is located on the 413 which is the best road in puerto rico also known as "the road to happiness". House is in a section called Puntas which is the most desired area of Rincon for rentals and home buyers and is a very hot market. House has incredible ocean views from the roof and front yard. The ARV is $350k +/- House does need some updating and other work but nothing major. I have a full inspection report and also have 2 quotes if I want to do full or partial updating. Needs 20-30k to update. The house is fully concrete. The house is split level with 2 kitchens. Tile through out the house. Total property size is 600 sq meters. The house includes another building out front approx 250 sq ft, it is currently being used for a hair salon business which also has private bathrooms (brown building shown in pictures). Houses in PR do not include square feet on the property details but I estimate the Total sq ft including the building out front is approx 3800 sq ft. Title search has already been done and everything is free and clear.
I have money to put down but would like a loan amount of $170k or more depending if your willing to cover a portion of the rehab.
Im ideally looking to buy and hold the property so would like to get a long term loan but may flip this property depending on financing rates & terms. I am open to all options. I would be happy to hear what you can do! Looking forward to hearing from you!
Thank you!
-Christian Smith