All Forum Posts by: Oni Sadiki

No additional notes outside of the mortgage. Looking to be finished with the last 30k. On the conservative side I am looking at an ARV of 425k

I purchased a duplex and started making updates (before I joined bigger pockets). I ran out of cash and now need to finish up.

Options:

1) I have heard about interest only payments and refinancing at the end, but I don't know how to find these.

2) I also heard about a program called Homestay  that provides the renovation money and then refinances all in one. the interest rate is a bit higher than a regular refinance since there is a loan involved. but is doable.

3) is there an option 3??

It's barely been a year so HELOC and home equity aren't there

Thank you in advance for your comments

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Marlborough.

Purchase price: $334,000

2 unit multifamily, near downtown Marlborough. Needed updates

What made you interested in investing in this type of deal?

My realtor told me how fast apartments were selling in this city due to all the companies moving into it. With in the years 5 hotels, a huge entertainment plaza was in the process of being finished and it was close to my job

How did you find this deal and how did you negotiate it?

My realtor knew a lady who was looking to sale, and informed me that getting it before it goes on the market was my best bet at getting it.

How did you finance this deal?

I did traditional financing. Used he mass housing plan which gave me a lower interest rate and 5% down. I did need to stay in the property for 1 year

What was the outcome?

My appraisal came out about 15k higher than what I paid for it

Lessons learned? Challenges?

I should have arranged to have rehab cost added to it. It was stop and go at times depending on when I ran out of money.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Broker- Sean Callan
Realtor - Tanya Virnelli