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Updated over 4 years ago,
BRRRR Multifamily property with tenants in unit
Im looking to purchase a 10 unit multifamily property im a college town and use for student housing. The property will need some work.
- New paint (interior/exterior)
- New floors
- washer and dryer hookups need to be installed
- countertops etc.
If I wanted to use a hardmoney loan to fund my deal/rehab, but they have tenants still in the units. What do I do?
Hardmoney loans have high interest, so I don't see it being beneficial to use that if I can't get the tenants out.
Would it be better to try and get a credit union for the deal? Or see about seller financing?