Have the Deal, Need the money.

[Jonathan Ruths]

Hello BP,

I found a two-unit property that I've analyzed over and over and I still think it seems to be a pretty good deal (based on needing $100+ per unit, with 12% ROI - courtesy of Brandon Turner). It's an REO property that needs some work, so I doubt you could get a conventional mortgage (maybe a 203k, but I can't afford the downpayment). I was hoping to BRRRR it, but unless I could reduce the purchase price to $95k the refinance wouldn't cover the purchase and rehab. So...

Purchase: $109,000 (listed price, buts it's fallen out of contract 3 times - is that enough to motivate the seller to reduce the price?)

Rehab: $50,000 (seller's agent information)

ARV: $180,000

Rent: Both units combined should rent for $1800/month (could potentially be upwards of $2200 with higher quality rehab)

Monthly cashflow = $470

(see photo of analysis for additional info)

meaning... If I find private money for the purchase, I would need a partner for the rehab or downpayment... how would you structure a deal like this?  Would it be possible with these numbers?  How do you find someone interested in this?  SOS!