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Updated over 9 years ago,
Making the numbers work!
All,
My business partner and I are ready to make our first investment but have a few questions as we wait for our offer to be approved.
At the highest level we are buying a 3 family house where we will occupy 1 unit and rent out the remaining two units. Based on our anticipated offer being approved our numbers will work for us where we are comfortable, however, there are a few outstanding expenses that we foresee (prior to our legitimate inspection). They are, lead paint removal, and replacing the 3 furnace units as they are original and are on their last life. This is a great property that we would love to invest in but would like to get some understanding on how we can 1.) afford these capital expenditures early on and 2.) what we could expect to pay for those expenses. When we redo the furnace units we will likely incorporate central A/C as well.
The house is 2950 Sq. Ft.
Any strategies on how to "afford" these expenses early on?
Any help would be greatly appreciated.
Thanks for your time.