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Updated over 2 years ago,

User Stats

4
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0
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Nolan Rowland
  • New to Real Estate
  • Battle Creek, MI
0
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4
Posts

Home Run, but unable to fund

Nolan Rowland
  • New to Real Estate
  • Battle Creek, MI
Posted

Hello,

I am currently trying to purchase my first property and have found myself in a bind. I have found an off market triplex (2x 1b/1ba, 1x 2b/1ba) that needs new kitchens and bathrooms in all units and some work on the interior, but has the potential to be a home run. It's within walking distance of a local private college and has the potential to net almost 100k in equity after fixing it up due to the purchase price being so low and nearby houses being bought by aforementioned college and renovated. It also shows great potential to cash flow based on the nearby rent and some conversations with a local realtor. 

The 203k loan estimates require ~$70,000 up front, and the non-203k loan estimates will require ~$110,000 up front. The problem is I don't have the money on hand to make it happen and it feels like a project that is beyond what I can handle on my own at this time. I don't want to let this one get away, but I don't really have anyone close to me who is able to support this kind of project. Can anyone help?

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