Rental Property Financing

[Roberto Costa]

Hi all,

BRRRR property...so let me get to the point here...Got an opportunity to purchase a multi family duplex in Norfolk, VA. First unit is a 3/2 1,447 SQFT. Second unit is a 1/1 700 SQFT. List price is $150K. ARV is $223K. Husband and wife divorce so they need to split the assets (opportunity...SMILE).

I do have HML resource that will fund the property 100% financing, 4 points, etc... (I can give you details if you hit me up). I rather not use my cash as I use it for operating expense. I'm looking for you out there than can offer better. This is only a rehab loan, so I'd have to refinance to lower the rate.

Property is occupied.  Unit A is renting for $995 and unit B for $650...both a excellent shape and can rent for more actually.  it's a B area so not bad at all.

I would not have to put anything to get the unit fixed up and renter have leases until September 2017.

I don't want to put 25% down to get a conventional loan so  looking for other strategy.

Little background...I have 2 other current rentals in Norfolk and 2 flips in South Carolina.