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Updated over 7 years ago,
How to go about this deal!!!
Hello, I looking for advice or any information to steering me in the right direction.
I am currently located in Detroit and I'm looking to make most of my investments in the Detroit area.
I currently own 4 properties, 3 which are free and clear (rented), 1 with a mortgage. I bought all the properties at the right times and prices which in retire they've all greatly appreciated.
I am now actively look for a apartment building 10+ units. I've came across a 27 unit for a great price but it will definitely need to be rehabbed. I'm ok with that because due to the price I'll be buying at I will be still making out on top. (Looking to buy and hold the apartment building)
My question is how do I go about financing for this apartment building? I have a limited amount of cash, not enough for a down payment for a commercial investment property. I have been looking into a HELOC for one of my investments properties that I can probably pull out 80k-85k which would cover more than enough for the down payment and could cover some of the rehab. Is this the right way to go?
Fico: 748