3 unite house in Hamtramck, Michigan for 50,000$.
Hello everyone I am reading and watching about real estate for the past 10 months and I think I am ready to make my first step and purchase a rental property.
This 3 unit house that I found in Hamtramck, Michigan for 50,000$. The estimated repairs are around 10k. And the value of the house after the repairs it comes to little over 100k as of the market right now, and there is a tenant In the lower unit paying 600$ a month
Numbers looking good the only problem is that i can’t get a loan on it because of the repairs.
Any thoughts and ideas about the property and to how can I get a partner for this project.
Thank you in advance