Investing in multiple family home conversion but need funding

[Sean Fuller]

Hi Guys,

I want to start investing in converting single family home into multiple family for rental income. I want to start with my own family home (with 1 unit) then more from there, I wanted to get some ideas on how is the best way to fund this venture.

I wanted to know if I can fund this venture with hard money loans ($25000, 4yr @ 8% APR) or are banks my only option at this point. I would like to work with an investor over a bank but only if the terms are right.

Thanks for any pointers or feedback you can give on this matter. 

[Chris Seveney]

Have you done the research to confirm what you are doing is allowed in your jurisdiction ? Not sure on your experience but it is not a given nor can you just flip a single into a multi. The renovation costs are also more significant else finally if you wish to have things metered separately etc., needing 2 means of egress for each unit etc

not sure $25,000 would be reasonable as I suspect it would be considerably more.