Updated over 4 years ago on . Most recent reply
4-plex deal analysis & funding - St. Pete Beach
Hey guys! I'm new to analyzing deals. I found a 4 plex multifamily in St. Pete beach in the same zip code I live in. It's selling for $675k. I wouldn't have all the cash, but running numbers it seems like it would be a good investment. How would you go about finding money to get for the down payment? Does anyone look at this and see something different than I do? There is a huge upside for Airbnb's here. I would be fine managing it since it's down the street. Rehab and make it nicer....I have a good chunk of cash but not enough to go at it alone.
I would love to meet someone who is willing to take a chance on a gal and her dream of investing in multifamily.
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@Andrea D. are you planning to live in it? if not, your best bet is to treat it like a BRRR. Find short term debt, either private or hard money to buy it and rehab it, increase the value and refinance out. This will limit your down payment.
The other option is to live in one unit for a year. this opens you to FHA loans, VA loans (if eligible), or 203K loans which combines a rehab on an FHA loan.
if the numbers make sense for either of these strategies, this is a great way to get started.