Buying & Selling Real Estate
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback
Updated almost 6 years ago,
Purchased a 4-Unit foreclosure cash and need to fund the repairs?
Hey BP,
I recently purchased a foreclosed 4-Plex at a Sheriff Sale and currently 3 of the 4 units are occupied. I walked the outside of the property which looked great but until I gain access I have no idea what exactly will be need to be updated and/or repaired. I will receive the deed in about 4 weeks and then I will be able to enter the property with an inspector/contractor to see what’s needed. I paid cash for the property but don’t want to over extend myself by using additional cash to fund the repairs.
I'm looking for help on what you would suggest is the best way to secure money to fund the repairs? The mortgage lender for my primary residence says my name needs to be on the deed for 6 months to do a Cash Out Refi. Also, since 3 of the 4 units are occupied I plan to renovate the vacant unit then with turnover I will begin work on those units. My goal is to BRRRR 1-2 multifamily properties a year.