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Updated about 5 years ago,
How can i finance this deal
Hello BP,
Right now I own 1 rental property but really looking to expand and get more into real estate. I am still kinda new to this but wondering if there is any way to finance a deal i have.
The deal is a 7 unit apartment building. The details are
Purchase price: $319,900
Units: 7 unit + 1 car garage
Annual gross rental income: $55,440
Operating expenses: $26,120
Net operating income: $29,320
Cap rate: 8.15%
My first rental property i did the traditional method. For this property i was thinking of doing the BRRRR strategy since the building could be renovated, however I've looked at hard money lenders in my area. The best hard money lender i could find did 80%LTV purchase. This requires more money than i have saved up. I have roughly $15,000 saved up to invest. I have looked for people to partner with but no one seems to be interested in real estate that i know.
Is there any way i could finance this deal? I'm just curious of any other methods that are out there that might be able to help me. I understand i might be trying to reach to far but figured i would at least try
Thanks.