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Updated over 6 years ago on . Most recent reply

User Stats

29
Posts
2
Votes
Leslee Wilson
  • Realtor
  • Mesa, AZ
2
Votes |
29
Posts

How would you work through this?

Leslee Wilson
  • Realtor
  • Mesa, AZ
Posted

I have an opportunity to buy a 1957 duplex in a C+ neighborhood with both units currently filled.  It is one street over from a historic, A neighborhood.  Here is a snapshot:

I would like to BRRR.

Leases are up Feb. & March/2019.  

Rents are currently $100-$150/unit under, as they sit.  Once rehabbed, rents can improve $300-$400/month/unit.

Owner currently pays water/sewer/trash.  Water needs to be metered to tenants.

Both units need repairs and remodel. 

Absentee owners.

Asking price reduced $15k in June.

Here is my question:

In order to be a cash buyer, what is the best route to take if I, personally, don't have the cash reserves?  I'm working on building my network but at this point don't have the knowledge of any private money lenders.  Hard money seems to be the next answer.  

I'm open to any and all suggestions.  Thank you in advance for your input.  

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