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I need a financing solution
I put an offer on a property and now shopping for a good source to finance the deal. Here are the details:
- REO Bank owned. purchase price 180k in Lowell Massachusetts. 2 family residential in a great neighborhood, sold AS IS. Needs about 30-40k TLC.
Current estimated value is around 250k. After rehab it would appraise for at least 300k. I can afford 10% down payment.
I plan to purchase it , rehab it and rent it out for cashflow. After renovation it would rent out for $2400 (1200 per unit)
Any advice about my best options for financing this deal ???!!