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Updated 5 months ago, 07/16/2024
Ran into a great BRRRR opportunity but lack liquid/ capital
Hello all!
I have located a second investment property that is a perfect BRRRR opportunity but lack liquid/capital. I acquired my first investment property a few months ago and renovated the units as well as rented them out and its cash flowing well. I utilized (and maxed out) my credit cards to afford the materials necessary to renovate the apartments (I know bad move) therefore I cannot acquire a loan of any sort to fund the initial funds necessary to acquire a hard money or DSCR or rehab loan. I also cannot go HELOC route because the LTV does not meet lender requirements. Really do not want to lose this one! Any recommendations to help me acquire this property with imense potential?
Purchase price: $150,000
Cosmetic work needed on 2 of the 4 units (paint, recaulking around tub, cleaning) Already have materials from my other investment’s project.
ARV : $250,000
Monthly gross rental income: $4600
Monthly mortgage payment: $1100
Property description: completely vacant 4 family (three 3 bedroom, one 2 bedroom apartments) in a competitive rental market with housing shortage (large pool of candidates) 7000 sq ft property with massive units, roof was torn off and redone, newer hot water heaters, furnaces, electrical, plumbing.