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Updated about 9 years ago on . Most recent reply
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Fix and hold for multiple properties
Here's the scenario:
Over the past few years I have accumulated 4 duplexes on the same lot and I'm working with another investor, who's now bought 2 more duplexes.
We are going to fence all of these in and create a special community. Together we're creating higher value for each property, than each one by itself.
We each own our properties out right, no mortgages, but are now looking for potential financing of the rehab and then conversion to 30 year loans.
Value as is - about 35K for each duplex.
Rehab funds necessary - 25K for each duplex + plus a total of 25K for the common property.
Projected rents: $ 750 each side - $ 1500 per duplex. Each unit pays their own electricity/water.
Any suggestion on what's the best way to get the extra financing?