I fell like a dog that just caught a car tire, like now what

[Johnny Quilenderino]

My team acquired a five unit in Suffolk, VA this past year and we are thinking of options of funding the rehab.

The windows and roof were finished in 2018. The house is over 100 years old. We watched the guy pull out 7 dumpsters full of debris and old building materials. When I walked through, the house no longer has any of the plumbing (galvanized steel) and none of the old wiring knob and tube, and actually is a blank canvas inside still would need to be built back from the studs to a five unit.

What am I missing?

1. Insulation

2. Plumbing (was plumbed for a three unit will expand to a five unit)

3. Electrical (was a three unit will need three breaker boxes installed and the pecker head moved)

4. Drywall, paint, etc.

5. Floor finishings

6. Water heaters

7. Ovens

8. Refrigerators

9. Structural and mechanical permits 

10. A/Cs

My cash is locked up in other deals. I am estimating about 100k to fully finish this, with an ARV of 300k or higher, that I could refinance.

What are some creative ways to fund this, I have been doing buy and holds, and now looks like I got my first BRRR. Thanks in advance!

[Ryan Poske]

@Johnny Quilenderino

A couple of other items missing is kitchen and bathroom. Cabinets, countertops, shower, toilets, etc.. Are you going to have each unit separately metered for water? $100k seems low for the rehab to me depending on the size of the property.

If you own the property free and clear I would look at Iron Bridge. Have had several clients use them and seem to be happy with them.