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Updated over 9 years ago,
Getting an investor for house hacking, possible?
I have found a great investment property. It is going to auction in less than a month. I would give my right arm to live in this house. It is way undervalued and I am sure that as the market goes up in the next couple of years that this property can have a $200K+ ROI. My question is: I can not afford this property unless absolutely no one else shows up! It's appraisal value is $1,233,800 but is worth over $2M. The house next door is valued at $4.7M. I am trying to find out if there are any investors that are willing to purchase at auction, allow me to live there for 2 years, I do all the repairs and updating that it needs, pay rent, and when the market is right then sell for a profit. I have ran the numbers on BP and although it is a loss for approximately 2 years the ROI I think will be a min. of 50% closer to 90% or higher depending on what it goes for at auction. The property will increase in value it is on a lake. Are there any investors that are willing to do something like that?
- Sherry Patterson