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Updated over 10 years ago,
What's the best way to structure a potential buy, fix, hold property as a bird dog?
Hello All,
I have a semi-motivated seller in Summerville, SC, but do to what he owes on the property, there is not enough meat on the bones for a wholesale deal.
Details: 3/2 about 1200 sq. ft. ARV about $85k, asking price $60k, estimated repairs $15k-$20k. Area rentals about $1100/mth. Seller will even carry the note for up to 6 months, while the repairs are made and property rented.
I don't have the cash to get the repairs done, or pay closing costs to acquire the property for myself.
I've tried pitching to a few investors that say they buy & hold, but they still want more equity in the property when their done.
What is the minimum equity that most rental investors look for?
What's the best way to structure this so I can pocket a few grand in finder's fees?
Brian