Hey guys, I'm a new investor trying to get in the game. I've been talking to REAs and my bank and trying everything I can think of for a couple deals but they haven't worked out yet.
I've found my next deal that I want to work, it's a duplex that needs a good about of rehab and a roof, but the price is right and I like the numbers (which are just estimates for now). My thing is that my credit isn't great, so getting a mortgage would be almost a miracle right now, and for rehab and a roof after that seems way too far away.
I just listened to this weeks podcast and I want to see if anyone would be willing to partner on this to get me started. I'm not entirely sure how I want to structure this, I guess you would have some knowledgeable input on your side that could be mutually beneficial. There appears to be a lot of opportunity for equity in this property, maybe we could work out a buying out after a refinance? (Like they mentioned in the podcast).
Or just some advice on creative financing would be cool too.
Any help is appreciated!
I need more numbers please
1. purchase price
2. est. repair cost
what is the end goal for the property!
I'm driving through Mt. Pleasant this weekend, would be interested in hearing more information.
Hey guys, thank for the interest!
First, @Nick Watkins, asking price is $55k, but I think $40k is a good offer, I'll be willing to pay $45k. I think a $10k-$15k rehab will bring the ARV up to around $85k-$100k.
The end goal for this property would be a first rental property for my portfolio.
I can't seem to figure out how to send PMs, maybe on a desktop I can figure it out.
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