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Updated about 6 years ago on . Most recent reply

User Stats

18
Posts
3
Votes
Brody Muxlow
  • Rental Property Investor
  • Windsor ON
3
Votes |
18
Posts

New Deal but i need help!

Brody Muxlow
  • Rental Property Investor
  • Windsor ON
Posted

Hi BP memebers,

I've recently found a really nice deal on a triplex. Purchase price is $354,000 Unit price is a little high at 118k per unit. 


The purchase price is a little high but it is definitely justified, as it produces $47,000 per year. 

Typically I would try to get a hard money lender buy the property cash and BRRRR the property. But after seeing it, the units are pristine. This property needs no work inside or out. There is really no room for refinance.

Im actually in need of a place to live so i thought about using my home buyers plan and moving in with only 5% down.

Next issue is that all my other money is tied up in other deals right now. 1 property closing next week, and another at the end of October.

Trying to think outside the box right now on how to get this property but Im coming up blank. Anyone have any suggestions or routes i could take towards this?

Thanks guys!

Most Popular Reply

User Stats

16
Posts
4
Votes
Evan Aagaard
  • Rental Property Investor
  • Toronto, ON
4
Votes |
16
Posts
Evan Aagaard
  • Rental Property Investor
  • Toronto, ON
Replied

Any possibility of seller financing with a small-ish down payment?  That's where you can get really creative of the seller is open to it. 

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