Want to buy a 5 unit property for $12,000
There is an abandoned 5 unit property that needs a complete gut and renovation. It is about 2500 sq feet. How much do you think something like that would cost, and more importantly, where could I find financing to renovate? It is a great opportunity because it is in a fantastic location. Just not sure how I would pay for the renovation.
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as a wholesaler you dont need the money to gut it. you can just assign it to someone else after you negotiate it to a low enough price and they flip the house. you make 5-15k profit (subtract your profit in your negotiation)
im not contractor, but if you were looking to flip it yourself, i would ask some contractors and get bids on how much it would cost.
as far as the money goes, credit cards, loans. hard money lenders will give around 70% of arv as long as you can prove that the numbers will work. they have high interest rates though
i am new to this, so if i am wrong on anything someone correct me