Financing needed for rental property in CT
Hi,
I have a condo in CT that I rent out for $1500/mo. Another condo 2 doors down from mine just went on the market on foreclosure for $85,000. I purchased mine in 2012 on foreclosure for $125,000. There are some issues with the community but they are being addressed soon (unsafe patio was removed and needs to be rebuilt). The appraised value currently is probably $130,000. Once the patio is replaced, the value should be at least $140,000.
I have $15,000 cash and the bank will probably accept an offer of $80,000. I need $65,000 to close the deal. I have tried multiple local banks and credit unions but they all want more down payment. I am trying crowdfunding now but I would prefer private money.
My unit cash flows about $300/mo and this new unit should cash flow around $500/mo. HOA fees are $288/mo.
Thanks!
Jason