Investor · Pembroke Pines, FL · Member since 2015 · 1 post · 0 votes
I found a triplex for $109,000, with lots of potential, however due to it's condition financing is not available. What are some suggestions on how to obtain this property?
Certified Public Accountant (CPA) · COOPER CITY, FL · Member since 2015 · 126 posts · 36 votes
10y
Hi Eleanor,
I'd recommend two things. First try and reach out to a private lender, (hard money), they are fairly easy to find but be prepared to pay interest rates 9% or more.
My second option would be to syndicate. I am sure you can pool together monies from your network. Perhaps you want to put together a big presentation and obviously have your homework done before you make the presentation.
My third option is potentially using the equity you have in your home or in other properties to purchase the asset.
I wish you the best of luck, what are metrics you have on this deal? Is it a flip or a buy and hold? What's your rehab schedule look like?