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Updated about 7 years ago,
Is Buying This Duplex Possible?
Hi BP. I found a duplex for $75k that I really like, and the numbers work out perfectly, but there's just one problem... I am a college student with no income, so the banks won't give me the time of day, and it would be hard to refi out of a hard money loan with no income. I really want to buy and hold this one rather than wholesale it, do I have any options?
I've thought about partnering, and I found a partner who was willing to put the $15,000 down, but he wants to know where the debt and security was coming from. Is it smart to get a hard money loan? Will I be able to refi out of it? Can my partner do anything to help me while still splitting the deal ? (He has money)
I guess the ultimate question here is, I want to buy and hold this duplex... What are my options?