Commercial fix and flip in DC

[Kevin Mitchell]

How's it going folks. A partner and I are looking into a 6-plex property in DC. As of now I'm going to contact the agent and attempt to do a walk through and meet with the seller. The property is off market and I'd like to explore the possibility of speaking with the seller about seller financing while my partner and I do a rehab and get it back on the market. Sell price is $895K, est. rehab $150K, ARV $1.3M - $1.5M. My question is: Since neither of us have the funds to do a traditional 20% down AND cover the rehab, what other creative options would you suggest? FYI - for a rehab cost that size we only have room to really cover about $25K as say, an EMD for the seller to show good faith.

[Kevin Mitchell]

Originally posted by @Michael P.:

6 plex for 900k?  What neighborhood must be a war zone

 A little rough of a neighborhood. Good money to be made in the area if gentrification continues onward. It's $900k because the seller is ready to shed the wait. They've owned it for decades.