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Updated over 2 years ago,

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7
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0
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Michael Harry
0
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7
Posts

Needing help taking down 5 units in Corsicana.

Michael Harry
Posted

Hello, I am new to multi-family and  super excited to be jumping in the game.  I am roughly half way through "The MultiFamily Millionaire" I have contracted a 5 unit property in Corsicana TX (Made up of a single family and 2 duplexes)  with 2 vacancies for $280,000. With the single family bringing 850mo (market 1100), the 2/1 bringing 775mo (market 825), 1/1 bringing 725mo (market 775), It is currently bringing a total of $2,325 per month.  The vacant 2/1is busted and disgusted, complete rehab smells pretty bad but is only 800 square feet so our estimated repairs are 35k. On the vacant 1/1  it isn't in bad shape at all, max 10k for rehab. 

Question: 

1.) Are there any lenders or private money that lends to new investors?

By my calculations the property pays for itself Cap ex included should I Qualify for a loan on it which is my biggest hurdle with no prior experience.

2.) Should I just wholesale this deal and save for the next opportunity, or is their a way that I am not aware of to take this one down?

Any help or guidance is greatly appreciated.