Looking for financing assistance. Triplex purchase 47% ARV
I put a nice and solid triplex under contract today in a great area of Cleveland. The owner is an investor and got the property at bank foreclosure of a different investor that went bankrupt. The property is in great shape and the investor is out of state and just wants to cash in on his good deal. I have the property under contract at 47% of the going rate for properties in this area. I would do minor cosmetic items to get it up to my standard, but the place is ready to go and already has tenants. I have the cash to close, but would prefer not to tie up all my funds in one transaction, so I'm reaching out to see if anyone is interested in financing the purchase. I'm open to short and long term options.
The seller would like to close by end of business on 10/22. Looking for about $50-60k of funding with current property value being $105k. Let me know if you have interest and I will be happy to share more of the details.
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@Matt Motil Get in touch with me regarding this as I may have an avenue for this project.
- Sean Richway