"Creative" financing advice
I am new to bigger pockets and I have a question about the financing aspect. (I want to make the joke that I have thousands of deals in all 50 states since that's the biggest no-no). I am purchasing a duplex currently (closing in a few weeks). I have a conventional loan on the property at 15% down. The home is being purchased at $64,500 and I believe needs about $30,000 in rehab costs. This will take it from a 2 bed 1 bath to a 3 bed 2 bath on each side and increase the rent to about $895 per month. My goal is wanting to use the BRRRR strategy on this property and refinance since it should be worth above $120,000 after looking at comps and talking to multiple realtors. Currently I plan on living in one side (owner occupied) for a few months but I have to move a lot for work so then will probably rent out both sides within 3-5 months. I have the money for the down payment and an additional $13,000 allotted for rehab.
My question is what is the best strategy to be able to complete the entire rehab and pay off the loan and hopefully get my money back to move to a new property (BRRRR in a nutshell). Am I able to talk to a portfolio investor about a new loan for 75% of the ARV and then pay off the old loan or ?.... I have realized I should have probably tried to find a way for cash on the property instead of financing. I would really appreciate feedback