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Updated over 5 years ago,
Help found deal w/ 100,000 equity/won’t cashflw if rental w loan
I found a great property in a great area, at a great price. Air BNB are popular there and people are making upwards of 80-80k year off doing just that. Rents are $2500-2700 according to rentometer but realistically places smaller then this one are renting for $3000 in same area. Place is almost turnkey, needs roof and a wall thrown up w/ door to turn bonus room into 2nd bedroom and a closet thrown in. City doesn’t know the layout so there’s no need to get any permits They already think that a bonus room is the second bedroom. I know this is a good deal but in order for me to get it I would have to get a loan out and after rent I would be cash-flowing in the negative, because the properties in this area cost around 600,000-800,000. Having said that This place has $100,000 instant equity. What should my exit strategy be? Wholesale the deal? Where would I find buyers and how would I go about finding them? Help please