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Updated over 5 years ago on .

Quincy Holmes's profile image
Quincy Holmes's profile image
Quincy Holmes
  • from Washington D.C.
  • Member since Jan 3, 2019
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5
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Quincy Holmes's profile image
Quincy Holmes's profile image
Quincy Holmes
  • from Washington D.C.
  • Member since Jan 3, 2019
Connect
Quincy Holmes
  • Washington D.C.
2
Votes |
5
Posts
Multi-Family and Apartment Investing

Does this even make sense?

Quincy Holmes
  • Washington D.C.
Posted

Looking to get a hard money loan to finance a 55k Distressed property+ 30k repairs. I am keeping this as a rental property

Then refinance with a 30-year mortgage from a bank to pay back lenders after renovations are made. 

The deal is a single family ( $100k ARV) that I will turn into a duplex. Small church structure that I will turn into a single-family apartment. And it is bundled with an adjacent lot.

Does this type of financing make sense or should I seek an investor partner? Note I don't have any experience and the only value that I can bring is that I can get this deal to them for a lot less. 

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