First BRRR and having trouble with financing
Hey BP
I found a duplex in a good neighbor that is currently abandoned. I found the owner and basically he has social problems which has prevented him from renting the property. He owns the property outright and is willing to sell. The duplexes appraise for 130,000-140,000 fixed up and turn key. The Deal I'm looking at needs about 35k worth of improvements. The bank will not give any loan due to the age of the roof and no HVAC. I think I can acquire the property for 60 K. With 30k of renovations I'd be all in for 90k. The question is where can I go to find funding for the project. I need 90 K and afterwards I would go and. Rehab, refinance, Rent